Treasury yields dip amid inflation concerns

U.S. Treasury yields dipped early on Wednesday, but remained near multi-month highs, amid concerns about possible rising inflation.

The yield on the benchmark 10-year Treasury note fell to 1.287% at 3:50 a.m. ET, while the yield on the 30-year Treasury bond slipped to 2.059%. Yields move inversely to prices.

Data for retail sales in the U.S. in January is due out at 8:30 a.m. ET on Wednesday. Economists expect retail sales rose by 1.2% after a surprise 0.7% decline in December, according to Dow Jones. 

Producer price data for January is also expected to be released at that time.

Industrial production data from January is then due out at 9:15 a.m. ET, followed by December data for business inventories at 10 a.m. ET.

February data from the National Association of Home Builders housing market index is also expected at 10 a.m. ET.

Minutes from the last meeting of the U.S. central bank’s Federal Open Market Committee are due to be published at 2 p.m. ET.

An auction will be held Wednesday for $27 billion worth of 20-year bonds.

— CNBC’s Patti Domm contributed to this report.