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U.S. government debt prices neared session lows in early trading on Wednesday, as investors geared up for a set of speeches by Federal Reserve officials and parsed through key data.
The yield on the benchmark 10-year Treasury note neared a session high of 1.7215 percent, while the yield on the 30-year Treasury bond also neared a session high at 2.4493 percent. The two-year note yield traded at 0.8615 percent, its highest level since September 21.
Bond yields move inversely to prices. Yields traded lower earlier in the session, after the ADP report's release.
Companies in September created jobs at the slowest pace in six months as the labor market showed further signs of tightening, according to a report Wednesday from ADP and Moody's Analytics.
Other data released Wednesday included the U.S. trade deficit widened to $40.7 billion in August, while weekly mortgage applications rose 2.9 percent last week. Factory orders and ISM non-manufacturing both came in better than expected. Market participant have been keeping a close eye on U.S. economic data, as the Federal Reserve has hinted at a possible rate increase later this year.
International markets have been on edge on Wednesday, following hawkish remarks from Fed officials and a report that policymakers in Europe were looking at tapering asset purchases.
The yield on the benchmark German 10-year bund hit a session high of 0 percent. It last had a positive yield on Sept. 22 when it yielded as high as 0.005 percent.
On Tuesday, Richmond Fed President Jeffrey Lacker said there was a strong case for raising interest rates, meanwhile on Wednesday, Chicago Fed President Charles Evans said in New Zealand that he would be "fine" with hiking rates by the end of the year if data remained supportive, Reuters reported.
Lacker is due to speak again on Wednesday, as well as Minneapolis Fed President Neel Kashkari.
In Europe, a Bloomberg report published Tuesday said the European Central Bank could taper bond purchases before the expected March end of its quantitative easing program. The ECB later denied it had discussed the subject.
Meanwhile, crude futures posted strong gains on Wednesday. Prices were higher in early trade after an industry report suggested that U.S. fuel inventories could have fallen for a fifth straight week. U.S. WTI last stood around $49.79 per barrel, while Brent crude hovered around $51.78.
The U.S. Treasury isn't expected to hold any auctions on Wednesday.