U.S. Treasury yields edged higher on Wednesday morning, as investors geared up for the Federal Reserve’s Jackson Hole symposium.
The yield on the benchmark 10-year Treasury note added less than a basis point, rising to 1.29% at 3:45 a.m. ET. The yield on the 30-year Treasury bond also rose less than a basis point at 1.91%. Yields move inversely to prices.
The Fed’s annual Jackson Hole symposium, gathering central bankers from around the world, will kick off on Thursday.
Fed Chairman Jerome Powell is scheduled to make a speech at 10 a.m. ET Friday, with investors listening for any details as to when the central bank will pare back its $120 billion a month bond-buying program.
Antoine Lesne, head of SPDR ETF strategy & research, EMEA at State Street Global Advisors, told CNBC’s “Squawk Box Europe” that based on the improved economic data he believed that the Fed could start to talk about tapering, but that this would become more of a discussion at its September policy meeting.
“We believe that rate hikes are still a long way away, definitely not a 2021 story, more of a 2022 story and that tapering will be coming more towards the end of the year,” he said.
There are no major data releases due out on Wednesday.
Auctions will be held on Wednesday for $30 billion of 119-day bills, $61 billion of 5-year notes and $26 billion of 2-year floating-rate notes.
