U.S. Treasury yields rose Wednesday as investors looked toward the Federal Reserve's next meeting a week ahead amid a quiet week for economic data.
Yields and prices move in opposite directions. One basis point equals 0.01%.
Investors weighed what could be on the horizon for the economy and Federal Reserve monetary policy, especially regarding interest rates, ahead of the central bank's meeting on June 13 and 14.
At its last meeting, the central bank had indicated that its rate-hiking campaign could be ending soon. However, Fed officials have since given mixed messages about whether they believe further tightening is necessary for the central bank to achieve its goals of easing inflation and cooling the economy.
Recent economic data suggested resilience in the economy, including continued strength in the labor market, which eased recession concerns but also prompted some investors to believe further rate hikes were likely. Around a quarter of traders believe the Fed will increase rates when it meets next week, according to the CME FedWatch tool.