Treasury yields pull back from multi-decade highs ahead of FOMC minutes

Treasury yields pulled back slightly on Wednesday from multi-decade highs seen on the previous day, as a sell-off at the long end of the curve eased investor jitters. The yield on the 10-year U.S. Treasury note — the key benchmark for U.S. government borrowing — fell 2 basis points to 4.686%.The 2-year Treasury note yield, which more closely tracks short-term Federal Reserve interest rate policy, fell over 2 basis points to 4.154%. The longer-dated 30-year Treasury bond yield fell over 1 basis point to 5.272%, after notching a new 19-year high on Tuesday at over 5.33%. One basis point is equal to 0.01%, and yields and prices move inversely to each other.The moves were part of a wider sell-off in long-dated global bonds on Tuesday. Japan's 10-year bond yield reached its highest level in three decades. German 30-year bund yields hit their highest point since 2011, while rates on France's 30-year bond reached the highest going back to 2008. The U.S. fiscal deficit jumped to $432.3 billion in July, its highest monthly total since March 2021, pushing the year-to-date shortfall to nearly $1.8 trillion. Interest paid to finance the nearly $40 trillion national debt has cost the Federal go...