U.S. Treasury yields held steady on Wednesday ahead of the release of minutes from the Federal Reserve’s recent monetary policy meeting.
The yield on the benchmark 10-year Treasury note ticked down to 1.649%at 10:30 a.m. ET. The yield on the 30-year Treasury bond inched higher to 2.324%. Yields move inversely to prices.
The Federal Open Market Committee is set to publish the minutes from its March meeting at 2 p.m. ET. The Fed kept interest rates unchanged, but investors will be looking closely at minutes for clues as to when the central bank might raise rates.
The International Monetary Fund on Tuesday raised its 2021 growth outlook for the global economy to 6%, up from January’s forecast of 5.5%. The organization said that “a way out of this health and economic crisis is increasingly visible.” The IMF did, however, warn of “daunting challenges” given the varied pace of vaccine rollouts around the world.
JPMorgan CEO Jamie Dimon also presented an optimistic view of the U.S. economic recovery in his annual shareholder letter, saying that the economic boom could last into 2023 thanks to all of the federal spending to boost the economy.
“This boom could easily run into 2023 because all the spending could extend well into 2023. The permanent effect of this boom will be fully known only when we see the quality, effectiveness and sustainability of the infrastructure and other government investments,” Dimon wrote.
An auction will be held Wednesday for $35 billion of 119-day bills.
— CNBC’s Pippa Stevens contributed to this report.
