U.S. Treasury yields ticked slightly higher on Wednesday as traders prepared for key inflation figures.
The 10-year Treasury yield rose less than a basis point to 2.9632% by 2:30 a.m. ET. The yield on the 30-year Treasury bond traded 2 basis points higher at 3.1576%. Yields move inversely to prices, and a basis point is equal to 0.01%.
June’s consumer price index, scheduled for release Wednesday, is expected to show headline inflation rising above May’s 8.6% level.
On Tuesday, the closely watched 2-year/10-year yield curve hit its lowest level since 2007 and remained inverted early Wednesday. An inverted yield curve is seen as a warning that the economy may be falling or has already fallen into recession.
The dollar, which has rallied nearly 13% this year, reached a two-decade high this week as gold hit its lowest level since late September.
Meanwhile, President Joe Biden began his Middle East trip, which includes a visit to Saudi Arabia and meetings with OPEC leaders in an effort to push for higher oil production to ease prices.
— CNBC’s Samantha Subin and Natasha Turak contributed to this report.