U.S. Treasury yields rose on Wednesday morning, despite growing investor concerns about how the Russia-Ukraine war could intensify price pressures.
The yield on the benchmark 10-year Treasury note moved 2 basis points higher to1.8992% at 4:50 a.m. ET. The yield on the 30-year Treasury bond added 1 basis point to 2.2622%. Yields move inversely to prices and 1 basis point is equal to 0.01%.
U.S. President Joe Biden announced on Tuesday that the U.S. will ban imports of Russian oil in response to Moscow’s invasion of Ukraine.
West Texas Intermediate crude futures, the U.S. oil benchmark, had already topped $130 a barrel on Sunday as a result of the conflict. WTI futures have since fallen back, trading at $125.24 on Wednesday morning.
Other commodity prices resumed their push higher, including nickel, which touched a new record above $100,000 a metric ton on Tuesday.
Higher commodity prices have sparked investor concerns that this could push up headline inflation, while also slowing economic growth.
February’s consumer price index, a key measure of inflation, is due out at 8:30 a.m. ET on Thursday.
Prior to that on Wednesday, January’s Job Openings and Labor Turnover Survey is set to be released at 10 a.m. ET.
Auctions are scheduled to be held on Wednesday for $35 billion of 119-day bills and $34 billion of 9-year 11-month notes.
— CNBC’s Tanaya Macheel contributed to this market report.