Treasury yields moved higher on Wednesday as investors continued to monitor talks over a new virus relief package.
The yield on the benchmark 10-year Treasury note rose 2 basis points to 0.531% The yield on the 30-year Treasury bond also traded higher at 1.217%. Yields move inversely to prices.
In the previous session, the benchmark yield hit a low of 0.505%, its lowest level since March 9.
U.S. policymakers have reported some progress in the stimulus deal negotiations, but they remain apart on some issues. Treasury Secretary Steven Mnuchin said the goal is to strike a deal on legislation by the end of the week.
The Senate is set to leave on a break Friday, when the key July jobs report is released.
About 1.264 million new jobs are expected, well below the 4.8 million added in June, and the unemployment rate is expected to fall to 10.6% from 11.1%, according to Dow Jones estimates.
Yields remained higher after ADP data on Wednesday showed private payrolls increased by just 167,000 in July, well blow estimates of 1 million per Dow Jones survey.
Meanwhile, traders are also waiting for a policy review done by the Federal Reserve. This could lead to stronger commitments to getting inflation higher.
There are no Treasury auctions scheduled for Wednesday.
— CNBC’s Silvia Amaro contributed reporting.
