Treasury yields were higher early Wednesday as global markets continued to reverse course from a dramatic equity sell-off.
The benchmark 10-year Treasury yield was over 4 basis points higher at 3.9354% at 5:49 a.m. ET, as the yield on the 2-year note rose over 4 basis points to 4.0282%.
Yields and prices move in opposite directions, and one basis point is equivalent to 0.01%
Stock markets around the world tumbled across Friday and Monday on growing nerves about a U.S. economic downturn, and the knock-on impact of a hawkish pivot by the Bank of Japan.
That bolstered so-called “safe haven” assets including Treasurys, sending the 10-year yield to its lowest level since June 2023.
Stocks have since regained some positive momentum, with Asia-Pacific and European markets trading higher Wednesday, along with U.S. futures.
Wednesday is relatively quiet on the data front ahead of initial jobless claims on Thursday.
The U.S. Treasury Department is meanwhile set to auction $42 billion in 10-year government notes.