U.S. Treasury yields were lower Wednesday as investors considered the path ahead for interest rates following new comments from Federal Reserve Chair Jerome Powell.
The 10-year Treasury yield was down more than 5 basis points at 3.714%. The 2-year Treasury yield was last trading at 4.712% after falling by about 5 basis points.
Yields and prices have an inverted relationship and one basis point equals 0.01%.
Treasurys
To be sure, yields were off their lows after Powell said "there's more restriction coming," referring to monetary policy. "I wouldn't take, you know, moving at consecutive meetings off the table," he said during a monetary policy session in Sintra, Portugal.
Powell had recently indicated that further interest rate hikes are expected in the U.S. as the central bank's policy goals of easing the economy and cooling inflation have not yet been fully reached.
The central banks have taken varying approaches to their interest rate policies recently. The Fed and Bank of Japan chose to keep rates steady this month, while the Bank of England and European Central Bank increased interest rates by 50 and 25 basis points, respectively.