Treasuries showed a notable move to the downside during trading on Wednesday, more than offsetting the modest strength seen in the previous session.
Bond prices moved steadily lower over the course of the trading day before closing firmly in negative territory. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 5.3 basis points to 2.867 percent.
With the sizable increase on the day, the ten-year yield ended the session at its highest closing level in almost a month.
Treasuries saw continued weakness following the release of the Federal Reserve's Beige Book, a compilation of anecdotal evidence on economic conditions in the twelve Fed districts.
The Beige Book said economic activity continued to expand at a modest to moderate pace across the twelve districts in March and early April.
The Fed also said the economic outlooks remains positive but noted contacts in various sectors, including manufacturing, agriculture, and transportation, have expressed concern about newly imposed or proposed tariffs.
With regard to inflation, the Beige Book said prices increased across all twelve districts, generally at a moderate pace.
Reaction to the Beige Book may continue to impact trading on Thursday along with reports on weekly jobless claims, Philadelphia-area manufacturing activity, and leading economic indicators.
by P2PNews Staff Writer