Bond yields rise with key data on tap
By Steve Goldstein
Bond yields rose on Monday as traders prepared for a week with crucial economic data.
What's happening
The yield on the 2-year Treasury BX:TMUBMUSD02Y was 3.61%, up 4.5 basis points. Yields move in the opposite direction to prices.The yield on the 10-year Treasury BX:TMUBMUSD10Y was 3.78%, up 2.6 basis points.The yield on the 30-year Treasury BX:TMUBMUSD30Y was 4.12%, up 1.8 basis points.
What's driving markets
Fed Chair Jerome Powell is due to speak on the economic outlook, at 1:55 p.m. Eastern, a speech that comes after the Fed slashed interest rates by a half point just over a week ago. More key economic data is due later this week, including the ISM manufacturing index and the nonfarm payrolls report.
"Rates markets continue to forecast 75 bps of rate reductions by year end, but job creation at or above 140k in September could lead to a reassessment of this dovish expectation," said Ronald Temple, chief market strategist at Lazard.
-Steve Goldstein
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09-30-24 0558ET
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