U.S. Treasury yields were higher on Wednesday as investors considered the geopolitical situation and assessed the latest economic data.
At 2:58 a.m. ET, the yield on the 10-year Treasury was up by over four basis points to 4.4178%. The 2-year Treasury yield was last trading at 4.2932% after rising by more than two basis points.
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Yields and prices move in opposite directions and one basis point equals 0.01%.
Investors considered the latest developments in the Russia-Ukraine war, with tensions between the U.S. and Russia heating up over the conflict in recent days. The U.S. on Wednesday closed its embassy in Ukraine's capital Kyiv, warning of a "potential significant air attack."
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That comes after Russian President Vladimir Putin on Tuesday updated the country's nuclear doctrine, lowering the threshold for a nuclear strike, after Ukraine for the first time used U.S.-made long-range ballistic missiles to attack Russian territory.
Elsewhere, investors weighed the latest economic data, with new housing starts falling short of expectations in October, and building permits slipping month over month, according to data published Tuesday. More insights into the housing sector will come Thursday in form of existing home sales data.
Later in the week, investors will be watching out for October's flash purchasing managers' index reports from S&P Global for the services and manufacturing sector. Several Federal Reserve officials are also set to give remarks as the week continues, which investors will be scanning for hints about the economic and monetary policy outlook.
Money Report
Investors also mulled over the potential picks for Treasury Secretary ahead of Donald Trump's second term, with concerns pertaining to the candidates experience levels and track record.
