U.S. Treasury yields were higher on Wednesday as investors awaited the latest consumer inflation figures, which could affect Federal Reserve monetary policy.
Yields and prices move in opposite directions and one basis point equals 0.01%.
Investors looked to the release of the consumer price index for August, which is due Wednesday. Economists surveyed by Dow Jones are expecting inflation to have risen by 3.6% on an annual basis, which would be higher than July's reading of 3.2%.Sign up for NBC Philadelphia newsletters. Core inflation, which excludes traditionally volatile prices of food and energy, is predicted to come in at 4.3% for August, below the 4.7% increase recorded for the previous month.
The data is likely to inform the Federal Reserve's upcoming interest rate decisions. Markets are widely expecting the central bank to leave rates unchanged when it meets next week, but officials have suggested further rate hikes may be on the horizon, depending on economic data. Many investors are concerned about how the economy would be affected if rates went higher still. They will therefore be looking to this week's inflation data for clues about what the Fed may do in the remainder of the year and what that could mean for the U.S. economy.
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