Bond yields edged lower on Wednesday, as crude oil prices continued to fall while investors awaited tomorrow’s federal budget for further cues.
In the global market, U.S. Treasury long-dated yields rose on Tuesday ahead of a slew of events this week such as a Federal Reserve monetary policy decision which could help shed more light on the outlook for interest rates this year. Furthermore, Oil prices fell for a third day after data from an industry body showed crude stocks rose more than expected last week, while a selloff in other commodities, stocks and bonds added to investors' bearish mood.
Back home, the yields on new 10 year Government Stock were trading 3 basis points lower at 7.41% from its previous close of 7.44% on Tuesday.
The benchmark five-year interest rates were trading 1 basis point higher at 7.31% from its previous close of 7.32% on Tuesday.