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U.S. government debt prices fell Wednesday as traders monitored the latest developments in U.S.-China trade talks.
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The yield on the benchmark 10-year Treasury note jumped sharply to about 2.51 percent, while the yield on the 30-year Treasury bond climbed to 2.91 percent. Bond yields move inversely to prices.
U.S. and Chinese officials are reportedly getting closer to a trade deal, having resolved most of the outstanding issues in their protracted trade spat. Both countries slapped tariffs on billions of dollars’ worth of each other’s goods last year.
According to the Financial Times, Beijing wants Washington to remove existing U.S. duties on Chinese imports, while the Trump administration wants China to agree to an enforcement mechanism to ensure the country abides by the deal.
U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are scheduled to meet with Chinese Vice Premier Liu He later on Wednesday to resume negotiations.
The news appeared to fuel buying of riskier assets, with European and Asian stocks, as well as U.S. stock futures, all in positive territory.
In terms of data, private payrolls, the services PMI and ISM’s non-manufacturing index are due to be released throughout the morning.