Treasury yields advanced on Wednesday, with the 30-year bond rate touching above a key level as investors parsed the minutes from the Federal Reserve's policy meeting that took place earlier this month.
The 30-year Treasury yield rose 4 basis points to 4.983%, after trading above the 5% level. The 10-year Treasury yield was around 5 basis points higher at 4.485%. The 2-year yield added nearly 5 basis point to reach 3.996%.
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WATCH HEREOne basis point is equivalent to 0.01%, and yields move inversely to prices.
The Federal Open Market Committee meeting minutes from May showed that participants found a cautious monetary policy approach to be appropriate amid a period of economic uncertainty. They also indicated that the central bank could face "difficult tradeoffs" if inflation rises.
Wednesday's minutes release comes after President Donald Trump said on Sunday that he would delay a 50% tariff on the EU till July 9, at the request of European Commission President Ursula von der Leyen. The tariff was initially going to be implemented from June 1.
Investor optimism was boosted when U.S. National Economic Council director Kevin Hassett told CNBC's "Squawk Box" on Tuesday that "we'll probably see a few more deals even this week."
Other economic data due this week include the gross domestic product growth rate on Thursday morning. The personal consumption expenditures index — the Fed's preferred inflation gauge — will be published on Friday morning, which investors will await closely for more clues about the health of the U.S. economy.
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