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10-Year Treasury Yield Tops 1.4%, Highest Since February 2020

Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a Senate Banking Committee hearing in Washington, D.C., U.S., on Wednesday, Feb. 12, 2020.
Andrew Harrer | Bloomberg | Getty Images
  • Federal Reserve Chairman Jerome Powell is due to speak to the House Committee on Financial Services at 10 a.m. ET on Wednesday.
  • Fed Vice Chairman Richard Clarida is also set to speak about the central bank's economic outlook for the U.S. and its monetary policy, at the U.S. Chamber of Commerce Chief Economist Committee meeting at 1 p.m. ET.

U.S. Treasury yields rose on Wednesday morning, with the 10-year Treasury topping 1.4% for the first time since February 2020.

The yield on the benchmark 10-year Treasury note rose to 1.4% at around 4:15 p.m. ET, its highest level since February 2020. The yield on the 30-year Treasury bond rose to 2.25%. Yields move inversely to prices.

Treasury yields edged higher early on Wednesday, even after Federal Reserve Chair Jerome Powell said in a congressional hearing Tuesday that inflation was "soft" and that the U.S. economy was "a long way from our employment and inflation goals."

"The economy is a long way from our employment and inflation goals, and it is likely to take some time for substantial further progress to be achieved," he said on Tuesday. Powell spoke again to the House Committee on Financial Services at 10 a.m. ET on Wednesday.

Fed Vice Chairman Richard Clarida is also set to speak about the central bank's economic outlook for the U.S. and its monetary policy, at the U.S. Chamber of Commerce Chief Economist Committee meeting at 1 p.m. ET.

Clarida is then scheduled to speak again on the U.S. economy and its monetary policy, to the American Chamber of Commerce in Australia at 4 p.m. ET.

Auctions will be held Wednesday for $30 billion of 119-day bills, $61 billion of 5-year notes and $26 billion of 1-year 11-month floating-rate notes.

CNBC's Jeff Cox contributed to this report.

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