U.S. Treasury yields edged lower on Wednesday as investors prepared to keep a close eye on economic data for further clues on the prospects for rate cuts.
The rate of return is 10-Year Treasury Bond After briefly rising above 4.3% in the previous session and hitting its highest level since July, the index fell more than 4 basis points to 4.232%. The rate of return is 2-Year Treasury Bond It fell more than 2 basis points to 4.094%.
Yields and prices move in opposite directions. 1 basis point equals 0.01%.
Investors will be watching a new batch of economic data on Wednesday ahead of this weekend’s all-important October jobs report.
The October ADP employment report is scheduled to be released at 8:15 a.m. ET, and the Commerce Department will report preliminary U.S. third-quarter values. Gross Domestic Product Data Shortly thereafter.
Advance economic indicators for September and pending home sales data for September are also due Wednesday morning.
CME Group said traders are betting the Federal Reserve will cut interest rates by 25 basis points next week. Fed Watch Tool.
The Fed joins several other major central banks in easing monetary policy Interest rates cut by 50 basis points September.
Policymakers are currently in the so-called lockdown period That means they won’t comment after the data is released, nor will they say anything about overall policy and economic expectations until their next meeting on Nov. 6-7.
