Treasury yields drift lower as investors cool their heels ahead of data

U.S. Treasury yields were slightly lower on Wednesday, with investors seemingly unwilling to make big moves ahead of inflation data and a Federal Reserve policy meeting next week.

What’s happening

• The yield on the 2-year Treasury 
  TMUBMUSD02Y,
  4.537%
  fell 3 basis points to 4.499% from versus 4.523% late Monday

• The yield on the 10-year Treasury 
  TMUBMUSD10Y,
  3.704%
   fell 2 basis points to 3.676% from 3.699% late Monday.

• The yield on the 30-year Treasury
  TMUBMUSD30Y,
  3.869%
   declined 2 basis points to 3.847 % from 3.874% late Monday.

What’s driving markets

The U.S. international trade deficit for April is due at 8:30 a.m. Eastern, while consumer credit for the same month will follow at 3 p.m., but investors are keenly awaiting consumer-price data next Tuesday that comes a day ahead of a Federal Reserve policy decision.