U.S. Treasury yields were higher on Wednesday as investors considered the state of the economy and digested a weak auction on the five-year note.
Yields climbed higher Tuesday after a Treasury Department auction of 5-year notes worth $70 billion saw weak demand. A closely watched demand gauge, the bid-to-cover ratio came in at 2.3, lower than the 2.45 10-auction average.
Investors also considered how the economy is faring and awaited fresh economic data due throughout the week which could inform Federal Reserve policymaking.That includes the personal consumption expenditures price index on Friday, which is the Fed's favored inflation gauge. Several Fed officials are also due to give remarks this week, which investors will be scanning for fresh hints about the path ahead for interest rates.
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