Treasury yields ebb lower ahead of Fed meeting minutes

U.S. Treasury yields ebbed lower on Wednesday morning, ahead of the release of minutes from the Federal Reserve’s recent monetary policy meeting.

The yield on the benchmark 10-year Treasury note fell to 1.635% at 3:40 a.m. ET. The yield on the 30-year Treasury bond dipped to 2.302%. Yields move inversely to prices.

The Federal Open Market Committee is set to publish the minutes from its March meeting at 2 p.m. ET. The Fed kept interest rates unchanged, but investors will be looking closely at minutes for clues as to when the central bank might raise rates.

The International Monetary Fund on Tuesday raised its 2021 growth outlook for the global economy to 6%, up from January’s forecast of 5.5%. The organization said that “a way out of this health and economic crisis is increasingly visible.” The IMF did, however, warn of “daunting challenges” given the varied pace of vaccine rollouts around the world.

An auction will be held Wednesday for $35 billion of 119-day bills.

CNBC’s Pippa Stevens contributed to this report.

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