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The U.S. Treasuries were pushed lower across the curve Wednesday as investors moved away from safe-haven buying on rising Federal Reserve December rate hike hopes.
Also, the benchmark 10-year Treasury yield bounced to 2.29 percent for the first time in 2016 after St. Louis Federal Reserve President James Bullard confirmed that rate-hike was possible in December.
The yield on the benchmark 10-year Treasury note rose 5 basis points to 2.29 percent, the yield on long-term 30-year Treasury jumped 3 basis points to 3.002 percent and the yield on short-term 2-year note climbed 1-1/2 basis points to 1.021 percent by 12:00 GMT.
It would need a surprise for the Federal Reserve not to raise U.S. interest rates next month, one of the central bank's policymakers, James Bullard, said on Wednesday, Reuters reported.
He said the only reason to hold off would be the kind of big shocks that caused it to pull back in the past, such as widespread global market volatility or bad U.S. jobs data, they added.
Also, a heavy sell-off in government bonds was supported by rising expectations that the U.S. President-elect Donald Trump's policies, such as fiscal expansion and protectionism on international trade, could support growth and inflation.
Last week, the United States Republican candidate Donald Trump pinned his victory against Democrat opponent Hillary Clinton in the 2016 presidential election. Investors again revised the outlook for US interest rates after Donald Trump's victory, with the probability of a December rate hike by the Federal Reserve going from as low as 30 percent to as high as 94 percent.
Markets now look ahead to October PPI data, crude oil inventories and FOMC member Harker speech.
Meanwhile, the S&P 500 Futures traded 8.50 point lower at 2,171.25 by 12:20 GMT. While at 12:00 GMT, the FxWirePro's Hourly Dollar Strength Index remained highly bullish at +141.68 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex
