- The U.S. Treasury is set to auction $34 billion in five-year notes and $15 billion in two-year floating rate notes (FRNs).
- No major speeches by members of the U.S. Federal Reserve are set to take place Wednesday.
U.S. government debt yields rose Wednesday ahead of key economic data.
The yield on the benchmark 10-year Treasury note rose to 2.658 percent at 11:21 a.m. ET, while the yield on the 30-year Treasury bond was higher at 2.945 percent. Bond yields move inversely to prices.
Existing homes sales continued their downward slide in December as the supply of houses on the market dropped to a record low, according to the latest housing data. Sales fell 3.6 percent in December vs. a 1.5 percent fall expected.
Over the weekend, the U.S. government shut down after a bill that would have kept it funded was voted down in the Senate. This marked the first U.S. government shutdown since 2013.
Shutdown concerns lingered on Wall Street on Monday; however, by the end of trade, major indexes hit all-time highs after it emerged the Senate had enough votes to stop the shutdown. They continued to post strong gains during Tuesday's session.
However, concerns over trade weighed on sentiment overseas, after President Donald Trump approved tariffs on solar cells and washing machines imported to the U.S. on Tuesday. South Korea said it would bring the matter to the World Trade Organization.
The U.S. Treasury is set to auction $34 billion in five-year notes.
Investors will be looking out for key headlines from the World Economic Forum (WEF) should any industry or national leaders comment on global growth or the state of the U.S. economy. The European Central Bank will be delivering its latest monetary policy decisions Thursday.