U.S. Treasury yields inched higher Wednesday morning as concerns about a global economic slowdown have loomed this week.
The yield on the benchmark 10-year Treasury note rose 4 basis points to 2.91% around 4:10 p.m. ET. The yield on the 30-year Treasury bond gained 5.2 basis points to 2.824%. Yields move inversely to prices and 1 basis point is equal to 0.01%.
Treasury yields have been drifting lower this week, alongside falls in the stock market. A surge in Covid-19 cases in China, concerns over developments in the Russia-Ukraine war and tighter central bank policy to combat rising inflation, have all weighed on investor sentiment.
"While a 'growth scare' has driven trading across all asset classes over the past two days, we expect inflation expectations to remain the primary driver of longer-term yields in the months ahead," Wolfe Research's Chris Senyek said in a research note.
Tensions are ratcheting up between Western allies and Russia after Foreign Minister Sergey Lavrov on Monday said the threat of a nuclear war is very significant and the risks should not be underestimated.
U.S. Defense Secretary Lloyd Austin responded to those comments Tuesday, calling the nuclear war rhetoric "very dangerous and unhelpful."
In terms of data releases due out on Wednesday, March's pending home sales numbers are slated for release at 10 a.m. ET.
Auctions are scheduled to be held for $30 billion of 119-day bills and $49 billion of 5-year notes.
— CNBC.com staff contributed to this market report.