U.S. Treasury yields ticked slightly higher on Wednesday as traders prepared for key inflation figures.
traded 2 basis points higher at 3.1576%. Yields move inversely to prices, and a basis point is equal to 0.01%.On Tuesday, the closely watched 2-year/10-year yield curve hit its lowest level since 2007 and remained inverted early Wednesday. An inverted yield curve is seen as a warning that the economy may be falling or has already fallen into recession.
The dollar, which has rallied nearly 13% this year, reached a two-decade high this week as gold hit its lowest level since late September. Meanwhile, President Joe Biden began his Middle East trip, which includes a visit to Saudi Arabia and meetings with OPEC leaders in an effort to push for higher oil production to ease prices.
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