Treasury yields were slightly lower on Wednesday ahead of economic data releases and an auction for government paper that should set the tone for the rest of the trading session.
What are Treasurys doing?
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The yield for the benchmark 10-year Treasury note drifted lower to 2.461%, from 2.467% on late Tuesday. The 30-year bond yield fell to 2.803%, from 2.813%.
The 2-year note yield tipped higher to 1.911%, versus 1.903, sticking close to the highest levels seen since Sep. 2008.
Bond prices move in the opposite direction of yields.
What's driving Treasurys?
The consumer-confidence index for December is set for release at 10 a.m. Eastern. The optimism gauge is expected to come in at 127.5 by economists surveyed by MarketWatch, from 129.5 in November. The National Association of Realtors will release the pending home sales at the same time.
The Treasury Department will sell $34 billion of 5-year notes at 11 a.m Eastern. Auctions of government paper can affect trading for debt in the overall market.
What else is on investors' radar?
The Citigroup Economic Surprise Index is at its highest levels since early 2012. A higher reading shows economic data has performed better than economists' expectations and could suggest yields have room to head higher.
The White House's search to fill in the vacant vice chairman post at the Federal Reserve's Board of Governors. Richard Clarida, who works at money manager Pimco, and Lawrence Lindsey, a former governor at the board, were both interviewed for the role.
What other assets are on the move?
Key commodity prices established several records but weren't able to perk up long-term yields, subject to the vagaries of inflation expectations. Copper prices surged to their highest level since mid-2014, while crude futures touched more than a two-year high on Tuesday. Commodity prices can be used to gauge the outlook for inflation.
The yield for the German 10-year bond, or the bund, fell 1.7 basis point to 0.400%.
(END) Dow Jones Newswires
December 27, 2017 09:19 ET (14:19 GMT)