Consequently, fund managers had a difficult time keeping up with the performance of the index.

FORBES: Active Versus Passive Bond Funds

Ben Critchley, a sales trader at IG Index, said investors would be keeping a close watch on the Congressional testimony of senior staff members of credit rating agencies in Washington on Wednesday.

FORBES: Stocks Tumble Amid Stalemate In Washington On Debt Ceiling

Over the past 12 months, our Cost of Living Extremely Well Index (CLEWI) climbed 4%, keeping pace with the CPI.

FORBES: The 400 Richest Americans

Traders were keeping an eye out for Poland's July output and producer price index data, which were due later in the trading session on Wednesday.

FORBES: Poland's Rate Dilemma

While the move is encouraging, the index remains 36% above its April 2010 values and only 2% below its peak in February, keeping food-price concerns a top priority around the world.

FORBES: Global Food Price Stable In April Despite Supply Fears