Treasuries were little changed Wednesday as market participants waited on comments from new Federal Reserve Chairman Ben Bernanke, who is scheduled to speak before an independent bankers group in Las Vegas this afternoon. Bernanke is unlikely to make any direct comments about monetary policy, but the possibility exists and traders are on tenterhooks after the recent selloff. The market is pricing in at least two more quarter-point rate hikes by the end of May, which would bring the overnight lending rate to 5%. Further moves seemed like a near certainty after St. Louis Fed President William Poole said late Monday that the central bank will "have to step a little harder on the brake" if upcoming data exceed expectations, and that it's safer to err on the side of being more restrictive than to risk inflation. Most recently, the benchmark 10-year note was down 2/32 of a point to yield 4.74%, while the 30-year bond was down 5/32 to yield 4.72%. In shorter maturity debt, the two-year and five-year were both little changed, with both notes yielding 4.75%. With no economic reports scheduled for release, comments from Fed officials will be closely watched. However, most market participants doubt that anything "off message" will be said. "Market moves will likely be dictated by flows, though we do not expect any big moves," fixed-income analysts with Barclays wrote in a research note. "With payrolls on Friday, we believe rates will remain relatively range-bound as investors take some risk off the table and wait for that number." In addition to Bernanke's meeting with Federal Reserve bankers in Las Vegas, St. Louis President William Poole, Fed Governor Donald Kohn, New York President Timothy Geithner and Chicago President Michael Moskow will deliver speeches by the end of the week.