Minutes from the June meeting also showed that the Federal Reserve is divided over the economic outlook and how to proceed on interest rate decisions, the Wall Street Journal reported. Fed officials were uncertain of the health of the labor market, outlook for growth, risks to the economy and the inflation outlook.

Fed officials agreed it was “prudent to wait” for additional economic data before proceeding.

Investors now don’t expect the Fed to hike rates at the July meeting in the wake of weak employment data and Britain’s decision to withdraw from the European Union. Consequently, without the Fed to back higher rates, Treasuries have more leeway to push higher and yields fall lower.

Related: 12 Treasury Bond ETFs with Thrust as Brexit Uncertainty Extends

Moreover, U.S. fixed-income market may find further support from overseas demand, especially with international bonds offering paltry yields. For instance, Japanese 20-year notes and the Danish 10-year bonds saw their yields go negative for the first time Wednesday.

For more information on the Treasuries market, visit our Treasury bonds category.

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