The 10-year Treasury yield reaches its lowest point since July.

On Wednesday, the 10-year U.S. Treasury yield reached its lowest point since July, as traders evaluated the potential future rate cuts from the Federal Reserve.

On July 27, the 10-year yielded as low as 3.839%, which was 7 basis points lower than the benchmark yield on that day, which stood at 3.849%.

Meanwhile, the yield on the 9 basis points fell to 4.344%, while the yield on the 5 basis points dropped to 3.985%.

Yields move inversely to prices. One basis point equals 0.01%.

The December consumer confidence survey exceeded expectations, increasing to 110.7 from the previously revised 101, according to the Conference Board. This was higher than the 104.5 predicted by economists surveyed by Dow Jones.

Last month, home sales increased by 0.8% from the previous month, reaching a seasonally adjusted annualized rate of 3.82 million units, surpassing the expected fall of 0.8% to 3.76 million units, according to the National Association of Realtors.

After the Fed announced three possible interest rate cuts in 2024, treasury yields have decreased from their previous highs. The sudden shift in monetary policy, which was perceived as more dovish, led to a significant drop in the 10-year yield as investors increased their bets on a quicker easing of monetary policy.

— CNBC’s Gina Francolla contributed to this report.