Treasury yields steadied on Wednesday as investors awaited fresh data for insights into the U.S. economic picture ahead of next week's Federal Reserve interest rate decision.
The yield on 10-year U.S. Treasury — the main benchmark for mortgages, auto loans and credit card debt — was down more than 1 basis point at 5.106%.
The yield on the 2-year Treasury note, which more closely follows short-term Federal Reserve rate decisions, rose less than 1 basis point to 4.789%. The yield on longer-dated 30-year U.S. Treasurys — which often moves on geopolitical developments — moved more than 1 basis point lower to 5.409%.
One basis point equals 0.01%, or 1/100th of 1%, and yields and prices move inversely to one another.
With the Federal Reserve's next interest rate meeting scheduled for Oct. 28, traders are weighing up how domestic economic data and global geopolitical developments are shaping the outlook for inflation and interest rates.