Treasury yields slipped on Wednesday as investors looked ahead to a fresh batch of economic data and considered the outlook for the U.S. economy.
The yield on the benchmark 10-year Treasury note was flat at 4.238%, while the yield on the 2-year Treasury note was also flat to trade at 4.424%.
Yields and prices move in opposite directions, and one basis point is equivalent to 0.01%.
On the data front, a flash reading of the manufacturing purchasing managers index (PMI) for July is scheduled to be released at around 9:45 a.m. ET. Flash services PMI data for July is due at the same time, while new home sales for June will be released later in the session.
Later in the week, a reading of second-quarter gross domestic product and June’s personal consumption expenditures price index are expected.
The latter is the Federal Reserve’s preferred inflation gauge — and could therefore inform guidance issued by the U.S. central bank about the outlook for monetary policy when it meets next week.
— CNBC’s Samantha Subin and Sophie Kiderlin contributed to this report.
