Bond yields traded flat on Wednesday, as investors remained cautious ahead of the U.S. Federal Reserve’s policy decision due later in the day.
In the global market, U.S. Treasury yields rose slightly on Tuesday as investors waited on the conclusion of the Federal Reserve’s two-day policy meeting today for new indications on whether an additional interest rate hike is likely this year. Furthermore, oil prices rose after Iraq's oil minister said OPEC and other crude producers were considering extending or even deepening a supply cut to curb a global glut, while a report showed a smaller-than-expected increase in U.S. inventories.
Back home, the yields on new 10 year Government Stock were trading flat at its previous close at 6.59% on Tuesday.
The benchmark five-year interest rates were trading 1 basis point lower at 6.54% from its previous close of 6.55% on Tuesday.