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Treasury yields drift lower after U.S. GDP revision

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Treasury yields were trading steady on Wednesday, as investors awaited fresh data on the state of the U.S. economy.

What happened

The yield on the 2-year Treasury 
BX:TMUBMUSD02Y
was steady at 4.691%, after finishing slightly lower at 4.712% on Tuesday.

The yield on the 10-year Treasury
BX:TMUBMUSD10Y
was unchanged at 4.294%, after finishing up 1.6 basis points at 4.314% on Tuesday.

The yield on the 30-year Treasury
BX:TMUBMUSD30Y
was steady at 4.421% after closing up 2.2 basis points at 4.440% on Tuesday.

What drove markets

The first revision of fourth-quarter U.S. gross domestic product is due at 8:30 a.m., following an initial estimate that showed growth of 3.3%. Advanced international trade in goods for January is due at the same time. The data comes a day ahead of  the personal-consumption expenditure price index for January, the Fed’s favored inflation gauge.

Investors will also be listening up to hear what several Federal Reserve officials have to say in planned appearances for Wednesday. Atlanta Fed President Raphael Bostic will speak at 12 noon Eastern, followed by Boston Fed President Susan Collins at 12:15 p.m. and New York Fed President John Williams at 12:45 p.m.

A batch of data on Tuesday showed weak durable-goods orders and higher house prices.

Markets are pricing in a 97.5% probability that the Fed will leave interest rates unchanged at between 5.25% and 5.5% at its meeting on March 20, according to the CME FedWatch Tool.

U.S. trade in goods deficit widens 2.6% in January

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