Treasury yield little changed ahead of key economic data, Fed meeting minutes

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 3:34 a.m. ET, the yield on the 10-year Treasury was up by less than one basis point to 4.4375%. The 2-year Treasury yield was last at 4.7538% after rising by over one basis point.

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 for clues about policymakers' thinking and expectations when it comes to inflation and monetary policy.

Also on Wednesday, the latest import and export figures are due, as are insights into the services sector and ADP's private payrolls report.

This comes ahead of the June jobs report on Friday, which includes nonfarm payrolls and the unemployment rate for the month. The figures could be a further hint about whether the economy is cooling, and therefore what the path ahead for interest rates could look like.

Markets are set to close early on Wednesday and will remain closed on Thursday for the Fourth of July holiday.