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By 06:54 ET (10:54 GMT), the yield on the benchmark U.S. 10-year Treasury yield 0.091 percentage points to 4.562%, the longer-dated 30-year yield shed 0.099 percentage points to 4.729%, and the rate-sensitive 2-year yield had dropped by 0.019 percentage points to 4.965%. Prices and yields typically move inversely to one another.
Yields are retreating from a weeks-long surge originally sparked by Fed commentary suggesting that another interest rate hike may be required this year in order to corral inflation. However, several officials at the central bank have hinted this week that the run-up in yields may actually lessen the need for further tightening.
Traders will be keeping a close eye on minutes later today from the Fed’s latest gathering, with analysts saying that any perceived dovish language will likely be in focus.
U.S. producer price figures, which serve as a leading indicator of the current state of consumer prices in the world’s largest economy, are also set to published. Consumer price data for September is due out on Thursday.
