The 30-year bond was selling off slightly as of Wednesday morning, sending its yield up after it saw its biggest one-day decline since April 1. The yield was up roughly 3 basis points at

just below 4.97% in New York morning trading, after ending Tuesday's session with a drop of 9.7 basis points. "Investors and traders are grappling with the onset of new U.S. tax

laws, tariff negotiation risks coming and going and a seasonal summer mindset that tends to see a defensive shift and less liquidity," said BofA Securities technical strategist Paul

Ciana. He identified higher long-term yields as one of the medium-term patterns that investors appear to be favoring for now.