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As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
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U.S. government debt prices rose on Wednesday after a measure of producer prices showed a decline, hinting at anemic inflation.
The yield on the benchmark 10-year Treasury note was lower at around 2.966 percent at 11:20 a.m. ET, while the yield on the 30-year Treasury bond was in the red at 3.112 percent. Bond yields move inversely to prices.
Investors around the globe continue to remain on guard amid trade and political developments. Last Friday, President Donald Trump said he was "ready to go" on hitting China with an additional $267 billion worth of tariffs; these would come on top of the tariffs on $200 billion in Chinese goods which have been previously announced.
Consequently, investors will be keeping abreast of this issue, especially after news emerged that China would seek permission from the World Trade Organization to inflict sanctions upon the U.S. in the near future.
Speaking of the U.S. central bank, a few members of the institution are due to speak Wednesday. Fed Governor Lael Brainard is set to deliver remarks at the Detroit Economic Club luncheon in Detroit, which will look at the economic and monetary policy outlook.
Meantime, St. Louis Fed President James Bullard is set to appear at the CFA Society Chicago's Distinguished Speaker Series Breakfast event.
On the auction front, the U.S. Treasury is set to auction $23 billion in 10-year notes.