The 10-year Treasury yield on Wednesday rose to its highest since April after the latest Federal Reserve meeting minutes indicated greater concern over inflation. Investors also digested this week's strong economic data.
The yield on the benchmark 10-year Treasury was last nearly one basis point lower at 4.677%, after earlier topping 4.7% to reach its highest level since late April. The 2-year Treasury yield was 2 basis points lower at 4.274%.
The 30-year Treasury yield, which was last less than one basis point higher at 4.918%.
Yields and prices move in opposite directions. One basis point equals 0.01%.
Fed officials at their most recent meeting indicated they would slow the pace of interest rate cuts, citing uncertainty over the path of inflation given the impact President-elect Donald Trump's immigration and trade policies on prices.
"Almost all participants judged that upside risks to the inflation outlook had increased," the minutes said.
"In discussing the outlook for monetary policy, participants indicated that the Committee was at or near the point at which it would be appropriate to slow the pace of policy easing," it continued.
Money Report
Data released Wednesday from payment processing firm ADP showed private sector job creation was lower than expected in December, while wages grew at the slowest pace since July 2021.
Bond yields rose in the previous session, spurred by an increase in the December ISM services price index that reflected a higher-than-expected number of job openings for November.
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