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Central banks dominate sentiment in US bond markets
U.S. government debt prices were flat to slightly higher Wednesday, as traders kept an eye on oil and key data ahead of this week's U.S. Federal Reserve 's Jackson Hole meeting.
The yield on the benchmark 10-year Treasury note (U.S.:US10Y) sat lower at 1.5526 percent, while the yield on the 30-year Treasury bond (U.S.:US10Y) was also lower at 2.231 percent. Bond yields move inversely to prices.
All eyes will be on the U.S. central bank later on this week, as Chair Janet Yellen , is set to give a speech on August 26 at the Federal Reserve Bank of Kansas City's annual Economic Policy Symposium at Jackson Hole, Wyoming.
Investors will be watching this meeting closely, to see if the Fed provides any indications as to when it may raise interest rates, while potentially giving a long-term outlook on the U.S. economy.
Elsewhere on Wednesday, China's central bank chose to inject 90 billion yuan ($13.55 billion) into the money markets through seven-day reverse bond repurchase agreements (repos) and an extra 50 billion yuan through 14-day reverse repos, traders said according to Reuters.
On the data front, a slew of data is expected, with investors on the lookout for the FHFA home price data and Existing home sales , due out at 9.00 a.m. and 10.00 a.m. ET respectively.
Meanwhile oil prices continued to throw markets , with crude futures trading lower on Wednesday as an unexpected build in U.S. crude inventories added a negative element to trade. WTI and Brent crude last stood around $47.10 per barrel and $49.30, respectively.
Markets will be keeping an eye on oil's reaction, after the crude inventories come out at 10.30 a.m. ET.
On Wednesday, the U.S. Treasury is expected to auction $34 billion in five-year notes and $13 billion in two-year floating-rate notes.
Reuters contributed to this report
