U.S. Treasury yield were mixed on Wednesday morning, as concerns around inflation continued to weigh on investor sentiment.
The yield on the benchmark 10-year Treasury note fell less than basis point to 2.9659% at 4:15 a.m. ET. The yield on the 30-year Treasury bond rose less than a basis point to 3.1728%. Yields move inversely to prices and 1 basis point is equal to 0.01%.
Kit Juckes, macro strategist at Societe Generale, said on Wednesday that it’s “not just the rate hikes that hurt” the economy.
“The jump in inflation, increased uncertainty, the way that the huge pile of savings is distributed through society, all challenge the US economy’s resilience,” he explained.
On Wednesday, April’s housing starts and building permits data is due out at 8:30 a.m. ET.
Auctions are scheduled to be held for $34 billion of 52-week bills, $30 billion of 119-day bills and $17 billion of 20-year bonds.
