U.S. Treasury Yields rose on Wednesday morning due to investor worries about the Omicron variant and Federal Reserve’s potential plans for tapering faster than they expected.

Refer to the benchmark yield 10-year Treasury noteAt 4:05 a.m., it rose 6 basis points to 1.5005% ET. ET. 30-year Treasury bondTo increase the yield to 1.8362%, I added five basis points. Yields are inversely related to price movements and one basis point equals 0.01%.

The new Covid-19 variant of the omicron omicron is a subject to uncertainty and investors are keeping an eye out for any developments. Investors will also be monitoring its transmission rate, as well as fears about it evading vaccines.

Investors are also focusing on monetary policies. Jerome Powell (Fed Chairman) indicated Tuesday in testimony to Congress that the central bank could accelerate the pace of asset tapering.

Powell stated that Powell believed the Fed would be able to reduce its bond-buying program quicker than the $11.5 billion per month schedule it announced in November.

Bob Parker is a member of Quilvest Wealth Management’s investment committee. He spoke to CNBC’s “Squawk Box EuropeHe stated Wednesday that he thought that Fed’s possible plans to taper by March/April was “justified.”

Parker noted the rise in inflation and economic growth, saying that “fairly obvious that inflation will probably remain at the current levels as we enter the first quarter next year.”

According to him, the Fed is trying to curb inflation so that it doesn’t stay at its current level next year.

Powell will address the U.S. House Committee on Financial Services on Wednesday at 10 AM. ET Wednesday

ADP will publish its November Employment Change Report at 8:30 a.m. on Wednesday. ET. Dow Jones polled economists and found that 506,000 more private jobs would be created in November than October’s 571,000.

Markit will release the November manufacturing purchasing manager index reading at 9:45 am. ET. ET. ET.

On Wednesday, auctions will be held for $40 billion in 119-day bills as well as $40 billion in eight-day bills.

— Maggie Fitzgerald also contributed to this report.