the 10year us treasury yield fell to 293 early on wednesday ahead of the release of key inflation data later in the morning the yield on the benchmark 10year treasury note dropped 5 basis points to 29382 at 430 am et the yield on the 30year treasury bond fell 5 basis points to 30779 yields move inversely to prices and 1 basis point is equal to 001 aprils consumer price index a key measure of inflation is due to come out at 830 am et on wednesday economists expect the cpi to rise 02 from the month prior and 81 year over year according to the dow jones consensus estimate that compares with marchs 85 yearoveryear pace the inflation reading is important given that this data is largely determining the federal reserves direction on raising interest rates both pricing pressures and more aggressive rate hiking have fueled concerns about a slowdown in economic growth madison faller global market strategist at jpmorgan private bank told cnbcs squawk box europe on wednesday that she believes that fed policy is having its intended effect in removing some of the pressure and slowing things down faller said the fed is trying to quell some of the demand thats helping drive inflation she believes that the slowdown in demand is already being reflected in the housing sector as new 30year mortgage rates have skyrocketed to 55 faller said this was the widest relative to existing mortgage rates on record thats really meaningful considering the housing market is the most cyclical part of the us economy 65 of americans own a home and that tells us that the fed is already doing its job she said but what that also tells us is that forward trajectory for interest rates from here might be capped as you have that negative economic feedback loop faller added also in focus for investors are the ongoing war in ukraine and covid19 lockdowns in china auctions are scheduled to be held on wednesday for 30 billion of 119day bills and 36 billion of 10year notes