Treasury yields were flat to slightly higher Wednesday as investors weighed data on the U.S. services sector, more remarks by Federal Reserve officials and awaited jobs data. A key measure of the Treasury yield curve moved further into inversion as short-dated rates rose, underlining recession worries.
What yields are doing
The yield on the 2-year Treasury note
TMUBMUSD02Y,
3.074%
rose 3.1 basis points to 3.108% at 3 p.m. Eastern on Wednesday. Yields and debt prices move opposite each other.
The 10-year Treasury yield
TMUBMUSD10Y,
2.709%
ticked up 0.7 basis points to 2.747%.
The 30-year Treasury bond yield
TMUBMUSD30Y,
2.948%
edged down 0.7 basis points to 2.976%.
What’s driving the market In U.S. economic data, the Institute for Supply Management said its July services index rose to a three-month high of 56.7%, suggesting the economy continues to expand despite growing headwinds. U.S. factory orders rose 2% in June, the government said Wednesday. Economists polled by MarketWatch had forecast a 1.2% gain. Meanwhile, Federal Reserve officials this week have pushed back against market expectations for rate cuts in 2023 and largely warned that it may be difficu …