Bond yields traded lower on Wednesday as traders remained on sidelines ahead of Thursday’s release of the Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve’s preferred inflation gauge.
In the global market, U.S. Treasury yields moved lower on Tuesday, despite fears of higher interest rates dealing a blow to tech stocks globally, while investors await key inflation data due to be released Thursday. Furthermore, Oil prices extended losses on Wednesday, as signs of a gradual reopening of the Strait of Hormuz and improving U.S.-Iran relations eased fears of a prolonged disruption to Middle East energy supplies.
Back home, the yields on new 10 year Government Stock were trading 04 basis points lower at 6.80% from its previous close of 6.84% on Tuesday.
The benchmark five-year interest rates were trading 06 basis points lower at 6.42% from its previous close of 6.48% on Tuesday.