Bond yields steady before Powell speaks to Congress

Treasury yields were holding steady on Wednesday, as investors braced for Capitol Hill testimony from Federal Reserve Chairman Jerome Powell.

What’s happening?

• The yield on the 2-year Treasury note
  TMUBMUSD02Y,
  4.700%
  was steady at 4.709%. Yields move in the opposite direction to prices.

• The 10-year Treasury yield
  TMUBMUSD10Y,
  3.738%
  rose 1 basis point to 3.734% after falling Tuesday to 3.726%, the lowest level since June 8.

• The yield on the 30-year Treasury
  TMUBMUSD30Y,
  3.819%
  slipped 2 basis points to 3.816% from 3.815 on Tuesday, its lowest level since May 12.

What’s driving marktes?

Fed Chair Jerome Powell will make a Capitol Hill appearance beginning at 10 a.m. Eastern, the first in two days of semi-annual congressional testimony, which investors are hoping will offer fresh insight on the central bank’s monetary policy plans. But analysts aren’t expecting much change from the hawkish message delivered by policy makers last week, who held rates steady, but indicated two more hikes were coming this year.