U.S. Treasury yields were little changed Wednesday as investors digested Federal Reserve Chairman Jerome Powell's testimony before Congress and assessed the economic outlook.
The yield on the 10-year Treasury was flat at 3.725%. The yield on the 2-year Treasury rose more than 1 basis point around 4.719%.
Yields and prices move in opposite directions and one basis point equals 0.01%.
Powell on Wednesday affirmed more interest rate hikes are likely ahead as the central bank continues its fight against inflation.
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That comes after policymakers decided to pause their rate-hiking campaign, which had been ongoing since March 2022, at their meeting last week — but not without noting that further rate hikes are likely. Two more increases of 25 basis points each are expected this year, according to the central bankers.
Investors also considered what could be next for the wider U.S. economy, digesting Tuesday's housing starts and building permits figures for May, which both came in above previous forecasts.
No key data is expected Wednesday. Elsewhere, U.K. inflation figures came in higher than expected at 8.7% for May. The Bank of England's next interest rate decision is expected on Thursday.
Money Report
— CNBC's Jeff Cox contributed to this report.
