Bond yields traded higher on Wednesday as hotter-than-expected US inflation data bolstered the case for further Federal Reserve interest-rate hikes over the coming months.
In the global market, U.S. Treasury yields rose on Tuesday, as hotter-than-expected inflation added to hawkish commentary by a Federal Reserve official to fuel bets on a steep interest-rate increase next month. Furthermore, Oil prices rose on Wednesday after falling to two-month lows in the previous session, as the market swung between hopes for a de-escalation in the Iran war and concerns about ongoing attacks on shipping in the Strait of Hormuz.
Back home, the yields on new 10-year Government Stock were trading 4 basis points higher at 7.19% from its previous close of 7.15% on Monday.
The benchmark five-year interest rates were trading 4 basis points higher at 6.99% from its previous close of 6.95% on Monday.