U.S. Treasury yields were little changed on Wednesday as markets reopened after the July 4 holiday and investors looked ahead to the release of the Federal Reserve’s latest meeting minutes.
Yields and prices move in opposite directions and one basis point equals 0.01%.
Investors awaited the release of minutes from the Fed’s June meeting and remarks from New York Fed President John Williams, hoping that they would provide fresh clues about the monetary policy outlook.
Since the last Fed meeting, policymakers including central bank chief Jerome Powell have repeatedly indicated that further interest rate hikes will likely be needed to bring inflation down and cool the economy. Powell has also suggested that rate increases could be announced at a pace that is faster than previously anticipated.
This comes after the central bankers kept rates unchanged at their June meeting, noting that the pause allowed officials to consider fresh data and the impact of previous rate hikes.