US Treasury yields fall after consumer sentiment surprises, FOMC minutes

U.S. government debt yieldsfell on Wednesday after consumer sentiment surprised investors and the Federal Open Market Committee (FOMC) released meeting minutes.

The yield on the benchmark 10-year Treasury note fell to 2.333 percent at 2:02 p.m. ET, while the yield on the 30-year Treasury bond also fell to 2.751 percent. Bond yields move inversely to prices.

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US 30-YR

The FOMC's latest minutes showed that members hold almost entirely positive views on growth, the labor market, consumer spending and manufacturing. However, some did caution that certain market prices may be getting out of hand.

On the data front, U.S. consumer sentiment eked out a modest beat in November compared to the mid-month reading, though the index remained below the decade high reached in October.

The University of Michigan's survey for November rose to 98.5, topping forecasts by Reuters economists. The Reuters poll predicted sentiment levels at 98.

While the U.S. central bank left its benchmark interest rate unchanged at the previous meeting, the Fed did however maintain positive language on the current state of the U.S. economy.

Investors will likely be poring over the minutes Wednesday, for any indications as to what the Federal Reserve may do in the coming months, and what it currently thinks of the health of the U.S. economy.

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Elsewhere, U.S. investors continue to await more details when it comes to tax reform in the country.

On Monday, U.S. President Donald Trump said before a Cabinet meeting that the administration was going to "give the American people a huge tax cut for Christmas", according to the Associated Press.

Nonetheless, concerns still linger on Wall Street as to whether a deal will come about and finalized by the end of the year.