U.S. government debt prices rose Wednesday as a global decline in stock markets pushed investors into perceived safer assets like long-term debt.
The yield on the benchmark 10-year Treasury note was lower at around 2.755 percent at 5:00 a.m. ET, while the yield on the 30-year Treasury bond was lower at 3.010 percent. Bond yields move inversely to prices.
The latest downward move in the 10-year yield comes a week after it approached multiyear highs around 2.93 percent, immediately after the Federal Reserve hiked interest rates.
Wednesday is expected to see a slew of economic data.
At 7 a.m. ET, mortgage applications are due, followed by the third reading of fourth-quarter gross domestic product (GDP) and advanced economic indicators — both of which are due out at 8:30 a.m. ET. Meantime at 10 a.m. ET, pending home sales are scheduled to come out.
Looking to the auctions space, the U.S. Treasury is due to auction $29 billion in seven-year notes and $15 billion in one-year and 10-month floating rate notes (FRNs).
Meantime, Atlanta Fed President Raphael Bostic is set to make an appearance at an Atlanta Society of Finance and Investment Professionals event.
Overseas, equity markets in Europe and Asia both fell deep into the red Wednesday.
