(New throughout) By Kate Duguid NEW YORK, March 30 (Reuters) - U.S. Treasury yields dipped in Tuesday afternoon trade, reversing an overnight rise in the benchmark yield to a 14-month high, as traders prepared for quarter-end and ahead of President Joe Biden"s infrastructure spending announcement. The 10-year yield rose to 1.776% in early London trade, its highest since Jan. 22. That steepened the yield curve - measured as the spread between the two- and 10-year yields - to its widest since July 2015. Both moves had reversed on Tuesday afternoon with the 10-year yield last down 0.7 basis point on the day to 1.714%. Traders must rebalance their portfolios at the end of the month and quarter to account for the drop in maturity of a bond portfolio as time passes. In order to rebalance, traders buy longer-dated debt, which typically drives yields lower. The dip in yields comes ahead of Biden"s infrastructure announcement on Wednesday in Pittsburgh. The plan could have a price tag as high as $4 trillion to pay for traditional roads and bridges while also addressing climate change and income equality. Such a plan would require an increase in debt issuance that would drive Treasury prices lower and yields higher. Tuesday"s dip in yields may therefore be a temporary move ahead of the announcement. "I still think we"re in a window between now and tomorrow at 3 o"clock where there is demand for rates," said Andrew Brenner, head of international fixed income at National Alliance Securities. While demand from traders rebalancing their portfolios may have driven rates slightly lower on Tuesday, the forces which have been pushing rates higher, including the expected increase in Treasury supply, are likely to continue pressuring yields. "I think it"s about supply, I think it"s about inflation, I think it"s about an economy moving very quickly, I think it"s about stimulus," Brenner said about the move higher earlier Tuesday and the general trend in Treasury yields. March 30 Tuesday 3:53PM New York / 1953 GMT Price Current Net Yield % Change (bps) Three-month bills 0.025 0.0253 0.000 Six-month bills 0.04 0.0406 -0.005 Two-year note 99-246/256 0.1446 0.000 Three-year note 99-198/256 0.3271 0.005 Five-year note 99-70/256 0.8989 0.008 Seven-year note 99-34/256 1.3804 0.010 10-year note 94-172/256 1.7136 -0.007 20-year bond 93-136/256 2.2815 -0.038 30-year bond 89-92/256 2.3742 -0.050 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 13.50 1.00 spread U.S. 3-year dollar swap 15.75 1.00 spread U.S. 5-year dollar swap 10.75 0.75 spread U.S. 10-year dollar swap 2.75 0.50 spread U.S. 30-year dollar swap -22.00 1.50 spread (Reporting by Kate Duguid; editing by Jonathan Oatis and Marguerita Choy)