U.S. Treasury yields fell on Wednesday as investors looked ahead to a fresh batch of economic data and considered the outlook for the U.S. economy.
Benchmark yield 10 Year Treasury Bill fell 1 basis point to 4.226%, while the yield 2-Year Treasury Bond The note rate was unchanged at 4.387%.
Yields and prices move in opposite directions, with 1 basis point equivalent to 0.01%.
Data released Wednesday morning showed U.S. manufacturing orders coming in Weaker than expected.
The preliminary value of the US July PMI manufacturing output index fell to 49.5, unexpectedly slipping into contraction territory due to declines in new orders, production and inventories. Economists surveyed by Dow Jones forecast a reading of 51.5.
A report Wednesday also showed new home sales rose lighter than expected June.
Later this week, second-quarter gross domestic product and June personal consumption expenditures price index are expected to be released.
The latter is from the Federal Reserve Preferred inflation indicator – and thus could inform guidance on the outlook for monetary policy when the Federal Reserve meets next week.
—CNBC’s Samantha Subin and Sophie Kiderlin contributed to this report.
