The 10-year U.S. Treasury yield retreated on Wednesday morning, but remained above 1.51%, following a sell-off in the previous session.
The yield on the benchmark 10-year Treasury note fell by 2 basis points to 1.515% at 4 a.m. ET. The yield on the 30-year Treasury bond gave up less than a basis point, falling to 2.07%. Yields move inversely to prices and 1 basis point is equal to 0.01%.
The 10-year yield topped 1.56% on Tuesday, hitting its highest point since June, amid fears around persisting inflation.
Federal Reserve Chairman Jerome Powell said Tuesday to the Senate Banking Committee that rising prices could linger for longer than expected. Powell is due to speak again on Wednesday, at 11:45 a.m. ET, on a policy panel discussion at the European Central Bank Forum.
Rising energy prices in Europe is also likely adding to investor concerns over inflationary pressures.
In terms of data due out on Wednesday, the number of home sales pending in August is set to be released at 10 a.m. ET.
An auction is scheduled to be held on Wednesday for $30 billion worth of 119-day bills.
