U.S. Treasury yields move higher ahead of Beige Book report

U.S. government debt prices were lower Wednesday morning as market sentiment turned positive on vaccine hopes.

At around 3 a.m. ET, the yield on the benchmark 10-year Treasury note rose to 0.6266% and the yield on the 30-year Treasury bond also moved higher to 1.3128%. Yields move inversely to prices.

Wednesday’s trading has been tracking news that Moderna, a biotech firm, said that its potential vaccine to prevent Covid-19 delivered a solid immune response in an early-stage human trial among all 45 patients. 

On the data front, there will be import prices and the Empire State manufacturing numbers at 8:30 a.m. ET. This will be followed by industrial production and capacity utilization at 9:15 a.m. ET and the Fed’s Beige Book report at 2 p.m. ET.

Philadelphia Fed President Patrick Harker will attend a webinar at 11:45 a.m. ET.

There are no Treasury auctions scheduled.