U.S. government debt prices were lower Wednesday morning, as worries about a possible global recession wrestled with hopes for more monetary stimulus.
At around 02:40 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 1.5825%, while the yield on the 30-year Treasury bond was also higher at around 2.0627%.
Market focus is largely attuned to the Federal Reserve, with the U.S. central bank scheduled to publish its latest meeting minutes later in the session.
Futures are almost fully priced for a quarter-point interest rate cut next month, according to the CME FedWatch Tool.
Investors are also likely to closely monitor the Fed’s annual Jackson Hole seminar later this week and a Group of Seven (G-7) summit at the weekend for clues on what additional steps policymakers will take to boost economic growth.
On the data front, existing home sales for July will be released at around 10:00 a.m. ET.
There are no major Treasury bond auctions scheduled on Wednesday.
source: Reuters
