US Treasury yields slipped on Wednesday as investors continued to assess the economic outlook amid growing recession fears.
Yield on benchmarks at around 5:48 pm ET 10 year treasury note was down at 3.173%, while the yield on 30 Year Treasury Bond fell to 3.285%. Yields move inversely to prices.
As the second quarter ends on Thursday, concerns over a slowing economy and aggressive interest rate hikes federal Reserve Continue to dominate the market sentiment.
One Rally attempt fails for riskier assets On Tuesday, after a disappointing consumer confidence reading, that fell below the Dow Jones 100 consensus estimate of 98.7.
The Conference Board’s one-year forward inflation expectations rose to a record high of 8.0%, up from 7.7% seen in June 2008, while the Richmond Fed’s manufacturing index came in at -19, the lowest since May 2020 and is well below consensus expectations – 7.
Fed Chairman Jerome Powell is here to deliver a speech European Central Bank Stage at 9 a.m. ET. Powell acknowledged in a testimony before the Senate Banking Committee last week that a steep rate hike could propel the US economy into recession, but reiterated the central bank’s commitment to rein in inflation.
On the economic data front, the final first quarter GDP data is due at 8:30 am along with PCE prices, corporate profits and consumer spending data.