US Treasury yields climbed early on Wednesday as investors waited for a key inflation indicator and assessed signs of slowing economic growth.
Yield on benchmarks at around 2:40 p.m. ET 10 year treasury note had increased to 3.0012%, while the yield on 30 Year Treasury Bond was up 3.1504%. Yields move inversely to prices.
retail giant target cut your profit guidance on Tuesday and Announced plans to get rid of excess inventoryTo highlight the growing risks to economic growth arising out of rising inflation.
Meanwhile, widely-tracked Federal Reserve gauges are indicating that the US economy may be on course for a second consecutive quarter of contraction, a technical recession. Atlanta Fed’s GDPNow Tracker is pointing to an annualized profit in GDP of just 0.9% for the quarter.
Markets are expecting a May consumer price index reading on Friday, with the scale and pace of the Fed’s monetary tightening likely to be impressive in print.
Data released Wednesday will include April’s monthly wholesale inventory figures, while auctions will be held for $33 billion of 10-year Treasury notes and $30 billion of 119-day bills.