Bond yields edged higher on Wednesday, as investors awaited the release of the Monetary Policy Committee’s December meeting minutes.
In the global market, U.S. Treasury yields rose on Tuesday with the benchmark yield hitting a seven-week high as the biggest overhaul of the U.S. tax code in more than 30 years appeared on track to become law by the end of the week. Furthermore, oil prices inched up, supported by expectations of a fall in U.S. crude inventories and by the ongoing outage of the North Sea Forties pipeline system.
Back home, the yields on new 10 year Government Stock were trading 3 basis points higher at 7.21% from its previous close of 7.18% on Tuesday.
The benchmark five-year interest rates were trading 1 basis point higher at 7.01% from its previous close of 7.00% on Tuesday.