U.S. government debt prices were higher on Wednesday morning as investors awaited to hear from Federal Reserve Chairman Jerome Powell.
At around 1:30 a.m. ET, the yield on the benchmark 10-year Treasury note was lower by 8 basis points to trade at 1.3328% and the yield on the 30-year Treasury bond dropped by 11.5 basis points to trade at 1.8685%. Yields move inversely to prices.
U.S. government debt yields had bounced back slightly on Tuesday as the Evergrande-led sell-off eased.
The focus this Wednesday is on what Jerome Powell will say at 2:30 p.m. ET following the central bank’s two-day meeting. Investors are looking for more details on a potential tapering before the end of the year.
On the data front, there will be existing home sales numbers at 10 a.m. ET.
Meanwhile, money managers are also digesting news that The House has passed legislation that avoid a government shutdown and suspend the debt ceiling until December 2022.
