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U.S. government debt yields held steady Wednesday after a report on consumer price data showed inflation rising as much as expected on a month over month basis.
The yield on the benchmark 10-year Treasury note dipped slightly to around 3.142 percent, while the yield on the 30-year Treasury bond fell to around 3.358 percent. Bond yields move inversely to prices.
Sentiment has been shaken as of late on fears that the Federal Reserve may be tightening its monetary policy too quickly. The U.S. central bank is expected to hike interest rates in December and multiple times in 2019.
At last week's Fed meeting, the bank left rates unchanged as expected, but said it sees "further gradual increases" ahead, sticking to its guns on policy. President Donald Trump has criticized the Fed for raising rates, going as far as to call the institution "crazy" for doing so.
Traders will likely monitor upcoming inflation data on Wednesday. Consumer Price Index (CPI) and core CPI inflation figures are due today at 8:30 a.m. ET.
Two big Fed speeches are expected on Tuesday. At 6 p.m. ET, Federal Reserve Chairman Jerome Powell and Dallas Federal Reserve Bank President Robert Kaplan will be speaking on global economic issues in Texas.
Meanwhile, in international debt markets, Italian bond yields jumped after the government resubmitted its draft budget to the European Commission. Rome stuck to its 2019 deficit target of 2.4 percent of annual economic output, a move which is likely to set the stage for a standoff with Brussels. The news send Italy's 10-year bond yield to a three-week high.
Correction: This story has been updated to reflect that Federal Reserve Chairman Jerome Powell and Dallas Federal Reserve Bank President Robert Kaplan will be speaking on global economic issues in Texas at 6 p.m. ET.