Treasury yields retreat as concerns over economic growth persist


US Treasury yields were mixed on Wednesday morning amid lingering concerns about a global economic slowdown.

The yield on the benchmark 10-year Treasury was roughly flat at 2.77% around 5:45 a.m. ET. The yield on 30-year Treasury bills fell 1 basis point to 2.86%. Yields move inversely to prices and 1 basis point equals 0.01%.

Treasury yields have fallen this week, in line with stock market falls. A rise in Covid-19 cases in China, concerns over developments in the Russian-Ukrainian war and tighter central bank policy to tackle rising inflation all weighed on investor sentiment. .

Tensions are skyrocketing between Western allies and Russia after Foreign Minister Sergei Lavrov said on Monday that the threat of nuclear war was very great and the risks should not be underestimated.

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US Secretary of Defense Lloyd Austin responded to those comments on Tuesday, calling the rhetoric of nuclear war “very dangerous and unnecessary.”

As for the data releases due out on Wednesday, the March pending home sales numbers are set to be released at 10 a.m. ET.

Auctions are scheduled for $30 billion in 119-day notes and $49 billion in 5-year notes.

CNBC.com staff contributed to this market report.

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