Treasury yields edged higher on Wednesday as investors reviewed economic data and took into account the state of the economy.
As of 4:45 a.m. ET, the yield on the 10-year Treasury note was up less than a basis point, at 3.7431%, while the yield on the two-year note was up just over a basis point, last trading at 3.5306%.
Yields and prices move in opposite directions, and one basis point is equal to 0.01%.
Investors’ attention is turning back to the state of the U.S. economy after the Federal Reserve announced last week that it would begin cutting interest rates after much awaited. Economic data will be closely watched in the coming days and weeks as concerns remain about a possible economic slowdown.
Data released on Tuesday showed consumer confidence fell to 98.7 in September, the lowest level in more than three years, down from 105.6 in August and below the Dow Jones consensus forecast of 104.
August new home sales figures are due to be released on Wednesday, followed by durable goods orders data, weekly new jobless claims and second-quarter gross domestic product figures on Thursday.
Investors will hear from various Fed officials, including Chairman Jerome Powell, later this week, and will be closely watching for any new hints about the outlook for monetary policy and the Fed’s economic outlook.
The weekend also sees the release of important economic data in the form of the latest Personal Consumption Expenditures Price Index, the Fed’s preferred inflation measure.
