U.S. Treasury yields rose on Wednesday as investors awaited economic data that could provide hints about how the economy is faring and assessed the outlook for Federal Reserve policy.
At 5:50 a.m. ET, the benchmark 10-year Treasury yield was up by more than 3 basis points to 3.942%. On Tuesday, it climbed as high as 3.983%, reaching levels last seen in the first half of November.
The yield on the 2-year Treasury was last trading at 4.845% after rising by just over five basis points.
Yields and prices move in opposite directions and one basis point equals 0.01%.
Investors looked toward key economic data for hints about how pressures from persistent inflation and elevated interest rates are affecting the U.S. economy.
ISM’s purchasing managers’ index for the manufacturing sector, which reflects whether factory activity is expanding or contracting and at what pace, is expected Wednesday. It had fallen to the lowest level since May 2020 in January.
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