The 10-year Treasury note yield moved higher on Wednesday, building on gains from the previous session as investors await the release of further U. S. economic data. The benchmark rate was up more than 1 basis point from the previous session, trading at at 4.379% at around 4:45 a.m. The 10-year Treasury note briefly broke above 4.4% in intraday trade on Tuesday to notch energy crisis its highest level since late November. The 2-year Treasury note yield was up around 1 basis point at 4.709%. Yields and prices move in opposite directions, and one basis point equals 0.01%. The market moves come as investors track economic data and closely monitor clues from Fed policymakers about the expected number of interest rate cuts in 2024. Traders are currently pricing in a roughly 62% chance of a first Fed rate cut taking place in June, according to the CME FedWatch Tool. That's down from nearly 70% last week. Cleveland Federal Reserve President Loretta Mester la liga standings said Tuesday that she still expects interest rate cuts this year, but ruled out their being implemented at the next policy meeting in May. Separately, San Francisco Fed President Mary Daly, said that she anticipates cuts this year, but not until there is more convincing evidence that inflation has been subdued. Last month, the U. S. central bank met expectations and left monetary policy unchanged for the fifth consecutive time, keeping its benchmark overnight chelsea handler borrowing rate in a range of 5.25%-5.5%. The Fed also signaled at the time that it still expects three quarter-percentage point cuts by the end of the year. On the data front, ADP employment figures for March are expected at 8:15 a.m. ET on Wednesday. A final reading for Services PMI for March and Institute for Supply Management non-manufacturing data for March are also scheduled for release slightly later in the session.— CNBC's Jeff Cox contributed to this report.
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