Traders work on the floor of the New York Stock Exchange on Oct. 22, 2024.
U.S. Treasury yields were little changed Tuesday, with the 10-year Treasury yield trading at its highest level since July as investors looked to upcoming economic data.
At 4:01 p.m. ET, the yield on the 10-year Treasury inched down 1 basis point at 4.268%. It had earlier risen above 4.3% to its highest level in three months. The 2-year Treasury yield last fell around 3 basis points at 4.111%.
Yields and prices move in opposite directions. One basis point equals 0.01%.
Several data releases on Tuesday painted a mixed economic backdrop. While consumer confidence was strong, a lower-than-expected number of job openings indicated some potential weakness in the labor market.
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ADP's private payrolls data and the all-important October jobs report are due in the coming days.
Also this week, the latest personal consumption expenditure price index is expected, which is the Federal Reserve's favored inflation gauge. Investors will be watching the data closely for hints about the monetary policy outlook.
Fed policymakers will however not be giving remarks off the back of the data releases or about their general policy and economic expectations as they are now in the so-called blackout period ahead of their next meeting on Nov. 6-7.
Money Report
The central bank is set to make its next interest rate decision after cutting rates by 50 basis points when it last met in September, kicking off its first easing campaign in four years. Traders were last pricing in an almost 95% chance of a further rate reduction from the Fed next week according to CME Group's FedWatch Tool.
