Yields for the closely watched 10-year Treasury were pulling back Wednesday after rates for the benchmark debt hit the highest level since July of 2019.
Yields for the closely watched 10-year Treasury note were slipping Wednesday morning, after hitting the highest level since July of 2019 on Tuesday which stoked predictions of a rise to 2% as the Federal Reserve aims to combat inflation with several likely benchmark interest rate rises this year.
What are yields doing? Sign up for MarketWatch newsletters here What’s driving the market? In addition to the U.S. consumer price index report for January on Thursday, investors are looking ahead, to a sale of $37 billion in 10-year debt at 1 p.m. Wednesday. Treasury yields have been on an upward trajectory as the U.S. central bank has signaled that it will start to tighten policy, notably by possibly kicking off a series of interest-rate hikes in March. Market-based projections point to a 70% chance of a 0.25 percentage point increase and a roughly one-out-of-three likelihood of 0.50 percentage point hike next month, according to data from CME Group CME, -0.52% using federal-funds futures.
Among Fed speakers on Wednesday, Fed Gov. Michelle Bowman will speak at 10:30 a.m. ET, while Cleveland Fed President Loretta Mester is scheduled to speak at noon.
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