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Bond Report: Treasury yields tick higher ahead of data

Treasury prices weakened Wednesday, pushing up yields, as investors awaited data on industrial production and capacity utilization, as well as the Federal Reserve’s latest roundup of economic anecdotes.

What are yields doing?

The yield on the benchmark 10-year U.S. Treasury note TMUBMUSD10Y, +0.69% rose 2.3 basis points to 2.560%, while the yield on the 2-year note TMUBMUSD02Y, +1.44% picked up 1.7 basis points to 2.035%. Yields and Treasury prices move in opposite directions.

What’s driving the market?

The focus remains on the Fed, with the 2-year yield, the most sensitive to interest-rate expectations, last week topping 2% for the first time since 2008 on growing anticipation the central bank will deliver a series of rate increases this year.

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