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Treasury yields are little changed as investors gear up for inflation data

Traders work on the floor of the New York Stock Exchange during afternoon trading on September 05, 2024 in New York City.
Michael M. Santiago | Getty Images

The 2-year Treasury yield was slightly higher Monday as investors await fresh inflation prints due this week, following a series of weaker-than-expected U.S. economic data releases.

The yield on the 10-year Treasury hovered just below the flatline at 3.706%. The 2-year Treasury yield rose about 3 basis points to 3.681%.

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Yields and prices move in opposite directions. One basis point is equivalent to 0.01%.

August's consumer price index will be out Wednesday, followed by the producer price index on Thursday.

Treasury yields tumbled across the first week of September trade as reports on nonfarm payrolls and private payrolls both missed forecast estimates, reviving concerns about the extent of the slowdown in the U.S. economy. The unemployment rate dipped as expected to 4.2%.

The Federal Reserve holds its next monetary policy meeting on Sept. 18. Markets were last pricing a 71% probability of a 25-basis-point cut in interest rates, against a 29% probability of a 50-basis-point cut, according to CME Group's FedWatch Tool. Pricing on the larger reduction rose to nearly 50-50 last week as the data disappointed, driving stock markets lower.

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