US Treasury yields fell slightly on Tuesday as investors monitored a new set of economic data and hoped for the Jackson Hole economic symposium later in the week.
Yields on the benchmark 10-year Treasury dropped nearly 2 basis points to 3.01% at about 4:35 a.m. ET, above 3% after trading above 3% for the first time in a month in the last trade. rice field.
Yields on 30-year government bonds fell by one basis point to 3.23%, while yields on 2-year treasury bills were little changed, trading at around 3.33%. The yield is inversely proportional to the price, equivalent to a basis point of 0.01%.
The market move comes before Federal Reserve Chairman Jerome Powell made comments at the central bank’s annual Jackson Hole economic symposium on Friday. Powell is set to address the central bank’s approach to curbing inflation.
The Federal Reserve had previously suggested it would continue to raise rates until inflation began to return to healthy levels, but it is believed the central bank may soon slow the pace of tightening.
On the data side, the August Philadelphia Federal Reserve Nonmanufacturing Survey will be released around 8:30 am on Tuesday. A quick read of the August Manufacturing Purchasing Manager’s Index and his August Services PMI is scheduled for 9:45 a.m. ET.
July’s new home sales and August’s Richmond Fed survey are both due later in the session.
Elsewhere, Minneapolis Fed President Neil Kashkari will speak out on the health of the world’s largest economy.
On Tuesday, the US Treasury will auction $60 billion in 21-day notes and $44 billion in two-year notes.