U.S. Treasury yields slipped on Wednesday as investors considered the economic outlook and looked to fresh data.
The yield on the 10-year Treasury fell more than four basis points to 4.192%. The yield on the 2-year Treasury was last at 4.572% after declining nearly three basis points.
Yields and prices move in opposite directions. One basis point equals 0.01%.
Investors looked to the latest data and remarks from Federal Reserve officials as they weighed the outlook for the economy.
This comes amid uncertainty about when, and how often, the Fed will cut interest rates this year after central bank officials have repeatedly said their decision-making would depend on the state of the economy. Some policymakers have also said that they believe there could be fewer than the forecast three rate cuts this year.
Durable goods orders rose by more than expected in February, according to data released Tuesday, while the latest consumer confidence report indicated declining optimism about the economy.
No key data is slated for Wednesday, but Fed Governor Christopher Waller is expected to give remarks later in the day. Thursday will see the release of weekly initial jobless claims, the final reading of the U.S. gross domestic product for the fourth quarter and consumer sentiment insights.
This week’s key data is expected on Friday in form of the personal consumption expenditures price index, which is the Fed’s favored inflation gauge, as well as personal income and spending figures. Markets will be closed for Good Friday, meaning traders’ reaction will not play out until next week.
