Bond yields edged higher on Wednesday, amid a rise in yields of U.S. Treasury notes and European bonds after European Central Bank President Mario Draghi fueled expectations that the authority may announce a reduction in monetary stimulus.
In the global market, U.S. Treasury yields rose on Tuesday in sympathy with European government debt weakness after European Central Bank President Mario Draghi fueled expectations that the ECB is closer to announcing a reduction of stimulus. Furthermore, oil prices fell after a report of rising U.S. fuel inventories underscored concerns that a three-year old crude glut is far from over.
Back home, the yields on new 10 year Government Stock were trading 3 basis points higher at 6.49% from its previous close of 6.46% on Tuesday.
The benchmark five-year interest rates were trading flat at its previous close at 6.68% on Tuesday.