U.S. Treasury yields held steady in early trading, oil prices fluctuated, and the market focused on speeches by Federal Reserve officials.
U.S. Treasury yields were largely stable in early trading on Wednesday, with the benchmark 10-year Treasury yield at 4.963%, the 2-year Treasury yield at 4.771%, and the 30-year Treasury yield at 5.3%. Oil prices initially fell in early trading along with U.S. Treasury yields, but Brent crude futures later turned up 0.5% to $99.80 per barrel, while U.S. WTI crude remained down 0.3% at $90.28 per barrel. The fluctuation in oil prices was related to talks between U.S. and Iranian representatives at the United Nations General Assembly, with the market hoping for an easing of concerns about supply disruptions in the Middle East. Investors are also focusing on remarks from Federal Reserve officials, with Federal Reserve Governor Barr scheduled to speak on the economic outlook on Wednesday, following Boston Fed President Collins' warning that U.S. inflation could be "significantly" above the 2% target.
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