U.S. Treasury yields climbed early on Wednesday, ahead of another set of inflation data due out later in the morning.
gained 3 basis points, rising to 2.8632%. Yields move inversely to prices and 1 basis point is equal to 0.01%.March's producer price index, which is one measure of inflation, is due out at 8:30 a.m. ET on Wednesday.
This batch of data comes following the March consumer price index, released on Tuesday, which showed inflation hit 8.5% last month. The reading was slightly above the forecast 8.4% inflation, and represented the biggest jump since 1981. However, there were hopes that core inflation could be peaking, as it rose just 0.3% for the month, below the estimated 0.5%.
Daniel Lacalle, chief economist at Tressis Gestion, told CNBC's "Squawk Box Europe" on Wednesday that he was surprised to see such a "robust" opening in markets yesterday.
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