U.S. government debt prices fell on Wednesday, as investors cheered new economic data that shrugged off recession fears and continue to monitor geopolitical tensions between the United States and China.
At around 10:30 am ET, the yield on the benchmark 10-year Treasury note moved higher to 2.823% and the yield on the 30-year Treasury bond also rose to 3.065%. Yields move inversely to prices.
The search for safe assets eased slightly overnight, but investors are still following developments in U.S.-China relations after House Speaker Nancy Pelosi spoke with Taiwanese President Tsai Ing-wen. Her trip to Taiwan has drawn much attention, given the vocal opposition from China.
A surprise rebound on Services PMIs and solid factory orders in the morning checked the idea that the U.S. economy is in a recession and sent stocks to session highs.
In terms of key speeches, Philadelphia Fed President Patrick Harker is addressing an audience at 10 a.m. ET and Richmond Fed President Tom Barkin as well at 11:45 a.m. ET.
U.S. Treasury yields move higher on new economic data – CNBC