Treasury yields were higher early Wednesday as global markets continued to reverse course from a dramatic equity sell-off. The benchmark 10-year Treasury yield was over 4 basis points higher at 3.9354% at 5:49 a.
m. ET, as the yield on the 2-year note rose over 4 basis points to 4.0282%.
Yields and prices move in opposite directions, and one basis point is equivalent to 0.01% Treasurys Stock markets around the world tumbled across Friday and Monday on growing nerves about a U.S.
economic downturn, and the knock-on impact of a hawkish pivot by the Bank of Japan . That bolstered so-called "safe haven" assets including Treasurys, sending the 10-year yield to its lowest level since June 2023. Stocks have since regained some positive momentum, with Asia-Pacific and European markets trading higher Wednesday, along with U.
S. futures . Wednesday is relatively quiet on the data front ahead of initial jobless claims on Thursday.
The U.S. Treasury Department is meanwhile set to auction $42 billion in 10-year government notes.
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