10-year Treasury rises as investors weigh state of economy

US Treasury yields rose on Wednesday amid investor consideration of the state of the economy and weak demand for 5-year Treasury notes at auction. The yield on the 10-year Treasury stood at 4.5639%, while the 2-year Treasury yield was at 4.9580%. The weak auction resulted in a bid-to-cover ratio of 2.3, below the 10-auction average of 2.45. Investors are also awaiting economic data later in the week, including the personal consumption expenditures price index, which is the Federal Reserve’s preferred inflation gauge. Several Fed officials are expected to provide remarks influencing interest rate projections.