U.S. Treasurys ahead of key economic data, Fed meeting minutes [Video]

U.S. Treasury yields held steady on Wednesday as investors looked ahead to key data and digested remarks from Federal Reserve Chairman Jerome Powell.

At 6:47 a.m. ET, the yield on the 10-year Treasury was down by less than one basis point at 4.429%. The 2-year Treasury yield was last at 4.76% after rising by 2 basis points.

Yields and prices have an inverted relationship and one basis point equals 0.01%.

Powell on Tuesday said progress was being made on inflation. Recent inflation readings indicated that “we are getting back on the disinflationary path,” he said.

However, he also said that the Fed wanted to see more before moving to cut rates. “We want to be more confident that inflation is moving sustainably down toward 2% before we start the process of reducing or loosening policy,” Powell said, echoing the sentiment expressed by many policymakers in recent months.

Minutes from the Fed’s latest meeting are expected Wednesday, which investors will be watching closely …