U.S. Treasury yields rose on Wednesday as investors considered the geopolitical situation and assessed the latest economic data.
The 10-year Treasury was up about 4 basis points at 4.418%. The 2-year Treasury yield was last trading at 4.321% after rising by nearly 5basis points.
Yields and prices move in opposite directions and one basis point equals 0.01%.
Investors considered the latest developments in the Russia-Ukraine war, with tensions between the U.S. and Moscow heating up over the conflict in recent days. The U.S. on Wednesday closed its embassy in Ukraine's capital Kyiv, warning of a "potential significant air attack."
That comes after Russian President Vladimir Putin on Tuesday updated the country's nuclear doctrine, lowering the threshold for a nuclear strike, after Ukraine for the first time used U.S.-made long-range ballistic missiles to attack Russian territory.
Wall Street also assessed fresh comments from Federal Reserve Governor Michelle Bowman, who indicated on Wednesday that the fight to bring inflation back to the central bank's 2% target has hit some roadblocks.
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"We have not yet met our inflation goal and, as I noted earlier, progress in lowering inflation appears to have stalled," Bowman said in remarks in West Palm Beach, Florida. "I see greater risks to the price stability side of our mandate, especially while the labor market remains near full employment, but it is also possible that we could see a deterioration in labor market conditions."
Money Report
Later in the week, investors will be watching out for October's flash purchasing managers' index reports from S&P Global for the services and manufacturing sector. Several Federal Reserve officials are also set to give remarks as the week continues, which investors will be scanning for hints about the economic and monetary policy outlook.
Investors also mulled over the potential picks for Treasury Secretary ahead of Donald Trump's second term, with concerns pertaining to the candidates' experience levels and track record.
