U.S. Treasury yields climbed early on Wednesday, ahead of the release of inflation data for February later in the morning.
The yield on the benchmark 10-year Treasury note rose to 1.553% at 4:10 a.m. ET. The yield on the 30-year Treasury bond advanced to 2.265%. Yields move inversely to prices.
February’s consumer price index is due out at 8:30 a.m. ET on Wednesday. Economists expect it to have risen 0.4% in February, or up 1.7% from a year ago.
Concerns about higher inflation have been driving bond yields higher recently.
The $1.9 trillion fiscal stimulus package is expected to add juice to the economy. That has raised inflation concerns, and the market could be spooked by a CPI report that is any hotter than expected.
House Democrats aim to pass the stimulus bill on Wednesday, with President Joe Biden expected to sign it before key unemployment programs expire on Sunday.
Auctions will be held Wednesday for $30 billion of 119-day bills and $38 billion of 9-year 11-month notes.
— CNBC’s Patti Domm contributed to this report.
