Longer-term U.S. Treasury yields were slightly higher on Wednesday, as investors awaited highly anticipated inflation figures which could influence the pace of Federal Reserve interest rate hikes.

The yield on the benchmark 10-year Treasury note rose under a basis point to 2.7992% while the yield on the 30-year Treasury bond was also up under a basis point to 3.0098%. Yields move inversely to prices, and a basis point is equal to 0.01%.

The 2-year Treasury yield was down more than 1 basis point to 3.2699% but remained far above the longer-term 10-year rate. That relationship is broadly watched on Wall Street as a potential recession indicator.

That comes as market participants closely monitor the release of Wednesday’s consumer price index report for July.

It is thought that the critical inflation report could show price increases have eased following consecutive 75-basis point hikes by the Fed in June and July.

Economists expect July’s consumer price index rose 0.2%, down from 1.3% in June, according to Dow Jones. Year over year, the pace of consumer inflation in July is expected to fall to 8.7%, down from June’s 9.1%.

CPI is scheduled to be released at 8:30 a.m. ET. Wholesale inventories for June and the monthly federal budget for July are due to be published at 10 a.m. and 2 p.m., respectively.

Elsewhere, Chicago Fed President Charles Evans and Minneapolis Fed President Neel Kashkari on Wednesday are scheduled to deliver remarks on U.S. economic conditions at separate events.

The U.S. Treasury will auction $35 billion in 10-year notes and $30 billion in 119-day bills.

— CNBC’s Patti Domm contributed to this report.

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