Bond yields trade higher on Wednesday

Bond yields traded higher on Wednesday as investors await cues from the upcoming Federal Reserve's interest-rate decision.  

In the global market, U.S. Treasury yields moved higher on Tuesday as the Federal Reserve’s two-day monetary policy meeting kicked off and investors digested a spate of economic data releases. Furthermore, Oil prices rose on Wednesday after an attack on a refinery in Saudi Arabia, the world’s biggest crude exporter, renewed concerns around the risks to supply in the Middle East stemming from the conflict with Iran and its proxies.

Back home, the yields on new 10-year Government Stock were trading 3 basis points higher at 7.46% from its previous close of 7.43% on Tuesday.

The benchmark five-year interest rates were trading 2 basis points higher at 7.34% from its previous close of 7.32% on Tuesday.