Federal Reserve Chairwoman Janet Yellen will testify on the economic outlook in front of Congress at 10 a.m. Eastern
Treasury yields extended the prior session's rise on Wednesday ahead of fresh economic data that could deliver the much-awaited upturn in inflation and clinch a December rate increase.
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What are yields doing?
The 2-year Treasury note yield was unchanged at 1.758% from late Tuesday. The 10-year note yield was up to 2.350%, from 2.338%. The 30-year bond yield ticked up to 2.790%, versus 2.767%.
Bond prices move in the opposite direction of yields.
What's driving Treasurys?
Investors will keep an eye on early economic data releases. The third-quarter revised GDP number is set to come out at 8:30 a.m. Eastern, with economists polled by MarketWatch forecasting an annualized 3.3%. But analysts suggest stronger growth numbers could solidify the chance of the Federal Reserve approving a December rate increase, which is nonetheless widely expected.
See: MarketWatch Economic Calendar (http://www.marketwatch.com/Economy-Politics/Calendars/Economic)
Republicans on the Senate Budget Committee advanced a tax bill. That could open the door for a floor vote as soon as this week. Investors say the tax bill is gaining traction as previous skeptics within the Senate Republicans ranks said they were optimistic about supporting the legislation.
What did market participants say?
"Capital market behavior will become increasingly important as investors decide how to play the Senate tax vote this week and the big Washington negotiations scheduled for December. Yesterday's U.S. stock boom was widespread, leaving tech the lone holdout, an indication of tax reform optimism," said Jim Vogel, interest-rate strategist for FTN Financial.
What else is on investor's radar?
Federal Reserve Chairwoman Janet Yellen will testify on the economic outlook in front of Congress at 10 a.m. Eastern. In her prepared text, she said U.S. growth was picking up steam, but would stay capped by the inertia of weak productivity and a tightening slack in the labor markets.
New York Fed President William Dudley will talk at 8:30 a.m. Eastern.San Francisco Fed President John Williams will give a keynote address at Phoenix at 1:50 p.m.
(END) Dow Jones Newswires
November 29, 2017 08:29 ET (13:29 GMT)