U.S. Treasury yields were little changed on Wednesday as investors awaited the latest Federal Reserve interest rate decision and policy guidance, and looked to key inflation data.
At 3:16 a.m. ET, the yield on the 10-year Treasury was up by less than one basis point to 4.4079%. The 2-year Treasury yield was last at 4.8444% after rising by around one basis point.
Yields and prices have an inverted relationship and one basis point is equivalent to 0.01%.
Wednesday is set to be a key day for the U.S. economy, with the latest interest rate decision from the Federal Reserve expected just hours after the consumer price index report for May.
The CPI is estimated to have increased 0.1% in May from the previous month, and to have risen 3.4% on an annual basis. So-called core CPI, which strips out food and energy costs, is expected to reflect a 0.3% gain on a monthly basis and a 3.5% rise from a year ago.
This would mean inflation remains firmly…
