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Treasury yields pulled back on Wednesday after the prior session pushed the long end of the curve to multi-year highs, unwinding enough selling pressure to ease investor jitters.
The Federal Open Market Committee's meeting minutes sit directly ahead and represent the next definable catalyst for the setup. Tuesday's move at the long end was the source of the pressure.
That sell-off drove yields to multi-year highs, and its easing on Wednesday is what gave the session its character. The tape's multi-year highs remain in focus as the reference level. What to watch is the FOMC minutes.
The long end of the curve tends to reprice most when the committee's rate-path language shifts, making the minutes the clear trigger for whether Tuesday's extreme gets retested or the current pullback extends.
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