10-year yields hold below 2% after Fed's Beige Book

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U.S. sovereign bond prices climbed, pushing yields lower on Wednesday as traders picked up safe haven Treasurys after weaker than expected data out of China and the release of the Federal Reserve's Beige Book report.

U.S. labor markets continued to tighten but with little impact on wage growth while manufacturing across the United States is hurting from the recent strength of the dollar, the Fed said.

Overall, U.S. economic activity continued to expand modestly from mid-August through early October, the Fed said in its Beige Book report of anecdotal information on business activity collected from contacts nationwide.

Benchmark 10-year Treasury notes yields fell below 2 percent, after closing at 2.055 percent on Tuesday. It was last trading near 1.98 percent, a five-month low.

Meanwhile, 30-year Treasury yields fell to 2.84 percent after finishing at 2.896 percent Tuesday.

Earlier, investors were reminded of global growth concerns again after Chinese imports fell 20 percent last month and inflation data, released overnight, cooled more than expected last month, adding to concerns about the health of the world's second-biggest economy.

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China's consumer price index (CPI) rose 1.6 percent in September from a year earlier, against forecasts of a 1.8 percent rise from a Reuters poll and following August's 2 percent gain.

Following on from JPMorgan's disappointing results late Tuesday, Bank of America beat analysts' expectations. Meanwhile, BlackRock said its third-quarter profits fell 8 percent.

Wells Fargo also reported earnings that beat expectations.

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Many analysts say the earnings reports are critical for fourth-quarter gains in stocks and finding clarity on the severity of an economic slowdown, especially amid mixed messages from the Federal Reserve.

On the data front U.S. retail sales barely rose in September as cheaper gasoline weighed on service station receipts, while producer prices posted their biggest decline in 8 months.

August business inventories data came in unchanged, with economists expecting a 0.1 percent increase.

—Reuters contributed to this report.