U.S. Treasury yields were slightly lower on Wednesday, as investors awaited a fresh batch of economic data and Treasury auctions.
The yield on the benchmark 10-year Treasury note fell 1 basis point to 3.035%, inching back toward the 3% level after surpassing it for the first time in a month earlier in the week.
The yield on the 30-year Treasury bond dipped under a basis point to 3.2466%, while the yield on the short-term 2-year Treasury note was 3 basis points lower, trading at about 3.3009%. Yields move inversely to prices, and a basis point is equal to 0.01%.
It comes as market participants prepare for a much anticipated speech from Federal Reserve Chairman Jerome Powell on Friday addressing the central bank’s tightening path.
On Tuesday, Minneapolis Fed President Neel Kashkari reiterated the central bank’s commitment to bringing inflation under control through monetary policy tightening, and said his biggest fear is that the persistence of price pressures is underestimated.
On the data front, durable goods for July will be released at 8:30 a.m. ET, with pending home sales for July to follow at around 10 a.m. ET.
The U.S. Treasury will auction $30 billion in 119-day bills, $45 billion in 5-year notes and $22 billion in 1-year 11-month floating rate notes.
— CNBC’s Elliot Smith contributed to this report.