Treasury yields hold higher after Fed minutes

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Bond yields held higher, but briefly wavered Wednesday after the U.S. central bank revealed discussions of global economic uncertainty during its last meeting.

The U.S. 10-year yield, which moves inversely to the bond's price, last traded at 1.8138 percent, down from 1.8312 percent just prior to the 2 p.m. ET release of the Federal Reserve's minutes. This is down from 2.3 percent at the start of the year, as safe-haven buying weighed on yields.

Meanwhile, the longer-dated 30-year yield was at 2.6828 percent, down from 2.6992 percent before the Fed minutes release.

Notes from the January Fed meeting revealed worries that tighter global financial conditions could hit the U.S. economy. The Fed considered changing their planned path of interest rate hikes in 2016, according to Reuters.

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U.S. sovereign bond prices were still down Wednesday while oil prices gained amid hopes of a deal to freeze production at January levels.

Oil prices were higher on Wednesday morning as some OPEC oil ministers traveled to Iran to talk about a possible production freeze for global oil producers.

Iranian Oil Minister Bijan Zanganeh was quoted as saying Iran supports the decision by OPEC and non-OPEC oil producers to keep a "ceiling" on oil production.

"The decision that was taken for the OPEC and non-OPEC members to keep their production ceiling to stabilize the market and prices for the benefit of producers and consumers, is supported by us," he told the ministry's official Shana news agency.

He was speaking after he met his counterparts from three other producing nations — Iraq, Venezuela and Qatar — to discuss a proposal to freeze output at January levels.

Benchmark U.S. WTI light sweet crude settled $1.62 higher, or 5.58 percent, at $30.66 a barrel.

The price of oil gyrated Tuesday on supply-cut hopes ahead of a meeting of top exporters in Doha, Qatar. Those hopes were dashed when Russia and Saudi Arabia agreed to freeze output at January's levels instead.

January's industrial production rose 0.9 percent, snapping a three-month decline streak.

The U.S. Producer Price Index fell 0.1 percent in January, while economists expected a 0.2 percent drop. U.S. housing starts and building permits also fell in January as bad weather disrupted building projects in some parts of the country.

— Reuters contributed to this report.