10-year Treasury yield hovers near 15-year high

U.S. Treasury yields were little changed on Wednesday, with the yield on the 10-year Treasury coming down from the fresh 15-year high it hit on Tuesday.

The 10-year Treasury yield was little changed at 4.556%. It had risen as high as 4.566% on Tuesday, its highest level since 2007. The 2-year Treasury yield edged slightly higher, adding 1 basis point to 5.087%.

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

The Commerce Department reported Wednesday morning that orders for durable goods rose 0.2% in August, topping the 0.5% decline expected by economists surveyed by Dow Jones.

Investors considered the state of the economy as various key data points missed forecasts on Tuesday. Both August's new home sales and September's consumer confidence index came in below estimates.

That comes as the Federal Reserve suggested last week that interest rates would go higher still and remain elevated for longer, prompting concerns among investors about what it could mean for the economy.

Elsewhere, concerns continued over a potential U.S. government shutdown, which could begin as early as Oct. 1 unless Congress agrees on a deal to fund the federal government before then.

A shutdown could negatively affect the U.S.' credit rating, Moody's rating agency warned earlier this week, while Wells Fargo noted that it could lead the U.S. dollar index to decline. President Biden on Tuesday called on Congress to resolve the issue.