US Treasury yields ticked lower on Tuesday as traders prepared for key inflation data later this week.
2nd year was trading down 6 basis points at 3.0078% but remained above 10-year treasure, which fell 6 basis points to 2.9225%, falling below the 3% mark. yield on 30 Year Treasury Bond traded down 5 basis points at 3.1257%. Yields move inversely to prices, and one basis point equals 0.01%.
The market is waiting for the important figures of inflation this week. Consumer Price Index for June to be released on Wednesday, forecast to show headline inflation Rising above May’s level of 8.6%, This inflation figure also applies to energy and food.
All three major US stock indices closed in negative territory on Monday.
The National Federation of Independent Business Optimism Index for June, which focuses on small businesses, is set to be published Tuesday, as is the IBD/TIPP Economic Optimism Index, the first-ever monthly survey of consumer confidence.
America will also release its Redbook for July, a sales-weighted record of year-over-year growth among a selection of large retailers representing nearly 9,000 stores. The 52-week bill is set for auction on Tuesday.
Friday’s June employment The report showed that jobs are growing faster than expected. According to the Bureau of Labor Statistics, non-farm payrolls increased by 372,000 last month. According to the Dow Jones, economists have predicted that the US economy will add 250,000 jobs.
President Joe Biden is starting his Middle East visit, which will include a visit to Saudi Arabia and meetings with OPEC leaders to push for higher oil production to drive down prices.
US Treasury Secretary Janet Yellen will meet with Japanese Finance Minister Shunichi Suzuki on Tuesday to discuss further sanctions against Russia for the war in Ukraine.
Gold hit its lowest level since late September, trading at $1,732.40 an ounce, with the dollar hitting a two-decade high at 8:30 am in London.
On Friday, yields jumped after a jobs report, on assumptions that the US Federal Reserve would be more aggressive with its rate-hike trajectory.
—CNBC’s Samantha Subin and Matt Clinch contributed to this report.