U.S. Treasury yields little changed as investors await more economic data – CNBC

U.S. Treasury yields were lower on Wednesday, as markets digested more economic data releases following the December inflation print.

The yield on the benchmark 10-year Treasury was more than 2 basis points lower at 4.144%. The yield on the 2-year Treasury was down 1 basis point at 3.518%, while the 30-year Treasury yield fell more than 3 basis points, trading at 4.794%.

One basis point is equal to 0.01%, and yields and prices move in opposite directions.

The Bureau of Labor Statistics reported Wednesday that the producer price index increased 0.2% in November, while economists polled by Dow Jones were looking for a 0.3% rise on the month. Retail sales for November, meanwhile, gained 0.6%, according to the Commerce Department, above the Dow Jones forecast for 0.4%.

Both reports had been postponed due to the 43-day U.S. government shutdown, the longest in the country’s history.

On Tuesday, data showed the consumer price index — a key inflation metric that could influence the Federal Reserve’s monetary policy decision making — rose 2.7% in the 12 months to December. The reading was flat compared to the previous month and in line with expectations.

An ongoing criminal investigation into Federal Reserve Chair Jerome Powell also remains in focus. Powell revealed over the weekend that he was under investigation in relation to the $2.5 billion renovation of the central bank’s headquarters and his congressional testimony on the refurbishment.

The case has raised concerns about the Fed remaining independent from political influence over its monetary policy, of which President Donald Trump has been a vocal critic.

“This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions — or whether instead monetary policy will be directed by political pressure or intimidation,” Powell said in a statement on Sunday evening.

On Tuesday, global central bankers — including the heads of the European Central Bank and the Bank of England — publicly united to defend Powell, saying that the independence of central banks “is a cornerstone of price, financial and economic stability in the interest of the citizens that we serve.”

— CNBC’s Jeff Cox and Dan Mangan contributed to this article.