U.S. Treasury yields were higher on Wednesday, as investors digested a fresh batch of economic data and Treasury auctions.
The yield on the 30-year Treasury bond gained 6 basis points to 3.318%, while the yield on the short-term 2-year Treasury note was about 7 basis point higher, trading at about 3.401%. 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.
Pending home sales declined 1% from June to July, according to the National Association of Realtors. Sales were down 19.9% compared with a year ago.
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.