Bond yields edged higher on Wednesday, as investors remained cautious ahead of the U.S. Federal Reserve’s monetary policy decision due later in the day.
In the global market, U.S. Treasury debt prices were steady on Tuesday as investors awaited a heavy calendar of events that market participants expected could prompt volatile prices moves for the rest of the week. Furthermore, Brent crude oil prices were near two-year highs as OPEC has significantly improved compliance with its pledged supply cuts and Russia is also seen keeping to the deal.
Back home, the yields on new 10 year Government Stock were trading 2 basis points higher at 6.88% from its previous close of 6.86% on Tuesday.
The benchmark five-year interest rates were trading 1 basis point higher at 6.76% from its previous close of 6.75% on Tuesday.