The 10-year U.S. Treasury yield on Wednesday hit its lowest level since July as traders assessed the path of future rate cuts from the Federal Reserve.
The yield on the benchmark 10-year Treasury note fell 7 basis points to 3.849%. On July 27, the 10-year yielded as low as 3.839%.
The 2-year yield slipped 9 basis points to 4.344%. Meanwhile, the yield on the 30-year Treasury bond fell 5 basis points at 3.985%.
Yields move inversely to prices. One basis point equals 0.01%.
Treasurys
The December consumer confidence survey came in stronger than expected, rising to 110.7 from the downwardly revised 101 a month earlier, the Conference Board said. That's above the 104.5 expected by economists polled by Dow Jones.
November existing home sales was greater than expected. Home sales rose 0.8% last month from the prior month to a seasonally adjusted annualized rate of 3.82 million units, according to the National Association of Realtors. Economists polled by Dow Jones were expecting a fall of 0.8% to 3.76 million units.
Treasury yields have come off their highs after the Fed last week indicated three likely interest rate cuts in 2024. The unexpectedly dovish pivot prompted a steep fall in the 10-year yield as investors increased bets on a quicker loosening of monetary policy.
— CNBC's Gina Francolla contributed to this report.