Bond yields traded higher on Wednesday, as a persistent spike in oil prices fuelled inflation concerns and added to worries of further rate hikes, ahead of the minutes of the central bank's latest policy meeting.
In the global market, the yield on the US 10-year Treasury note fell on Tuesday, hovering near one-month lows, following weaker housing data while investors also continued to assess persistent inflationary pressures ahead of the Fed’s interest rate decision next week. Furthermore, Crude oil prices ticked higher on Wednesday, as traders continued to worry about the stability of flows out of the Middle East.
Back home, the yields on new 10-year Government Stock were trading 4 basis points higher at 7.43% from its previous close of 7.39% on Monday.
The benchmark five-year interest rates were trading 9 basis points higher at 7.25% from its previous close of 7.16% on Monday.