Traders work on the floor of the New York Stock Exchange during morning trading on April 29, 2024.
The benchmark U.S. Treasury note yield rose slightly Wednesday as investors weighed the latest remarks from Federal Reserve officials and looked for clues on the path ahead for interest rates.
The yield on the 10-year Treasury was up 3 basis points at 4.492%. The yield on the 2-year Treasury was last less than 1 basis point higher at 4.834%.
Yields and prices have an inverted relationship and one basis point equals 0.01%.
Investors considered comments from Federal Reserve officials as they weighed when and how often interest rates may be cut this year. Fed officials speaking this week have broadly echoed the sentiment expressed in the central bank's monetary policy guidance issued at the conclusion of its latest meeting earlier this month.
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Boston Fed President Susan Collins said in remarks on Wednesday that the Fed's interest rate policy will likely need to remain at its current level until inflation is moving "sustainably" toward the central bank's 2% target.
On Tuesday, Minneapolis Fed President Neel Kashkari said he expected the Fed to hold rates steady for some time until the disinflation picture becomes clearer. Earlier in the week, Richmond Fed President Tom Barkin hinted that the central bank would wait until it had more confidence about inflation returning to its 2% target before moving to cut rates.
Last week, Fed Chair Jerome Powell said the Fed was unlikely to hike rates at its next meeting.
Money Report
As the week continues, investors will also be watching economic data points, including weekly initial jobless claims on Thursday and consumer sentiment insights on Friday.
