U.S. Treasury yields were little changed on Tuesday as investors looked to economic data from the labor market and the Federal Reserve’s July meeting is set to kick off.
At 4:41 a.m. ET, the yield on the 10-year Treasury was up by less than one basis point to 4.1860%. The 2-year Treasury was last at 4.3998% after rising by more than one basis point.
Yields and prices move in opposite directions. One basis point equals 0.01%.
The Fed’s July meeting is set to kick off Tuesday before concluding with a monetary policy announcement and press conference by Fed Chairman Jerome Powell on Wednesday.
Markets are widely expecting interest rates to be left unchanged by the central bank this week, but many investors are hoping that policymakers will give fresh hints about the outlook for rates.
That includes when rates may be cut, and how many cuts could take place this year. Traders were last pricing in a 100% chance of a rate cut at the Fed’s next meeting in September, CME Group’s FedWatch tool showed.
On Tuesday, the first of a series of labor market data releases is expected in form of JOLTs job openings figures. Economists polled by Dow Jones are expecting 8.1 million open positions in June, unchanged from May.
Consumer confidence insights for July are also slated for Tuesday. Later in the week, ADP’s private payrolls report is expected, as is the July jobs report, which includes nonfarm payrolls and unemployment data.
