US Treasury yields were slightly lower on Wednesday as investors awaited fresh economic data and Treasury auctions.
The yield on the benchmark 10-year Treasury fell about 1 basis point to 3.048%, slowly edging back towards the 3% mark after beating it for the first time in a month earlier in the week.
The yield on the 30-year government bond fell under a basis point to 3.256%, while the yield on the short-dated 2-year government bond was down 3 basis points, trading at around 3.305%. Yields move inversely with prices and one basis point equals 0.01%.
It comes as market participants prepare for a much-anticipated speech by Federal Reserve Chair Jerome Powell on Friday, in which he will address the central bank’s tightening stance.
On Tuesday, Minneapolis Fed President Neel Kashkari reiterated the central bank’s commitment to bringing inflation under control by tightening monetary policy, saying his main concern was that ongoing price pressures were being underestimated.
On the data front, durable goods for July are released at 8:30am ET, while upcoming home sales for July follow around 10:00am ET.
The US Treasury will auction $30 billion of 119-day notes, $45 billion of 5-year notes and $22 billion of 1-year, 11-month floating rate notes.
— CNBC’s Elliot Smith contributed to this report.