A specialist trader works inside a post on the floor at the New York Stock Exchange on Oct. 23, 2024.
The yield on the 10-year Treasury note hovered near a three-month high as traders combed through a fresh batch of mixed data and hunted for further clues on the rate cut outlook.
The 10-year Treasury yield was up 2 basis points at 4.28%, after briefly rising above 4.3% in the previous session to notch its highest level since July. The yield on the 2-year Treasury rose 1.4 basis points to 4.17%.
Yields and prices move in opposite directions. One basis point equals 0.01%.
Markets awaited more economic data Thursday, when the Commerce Department releases its personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge. The measure is expected to show a one-month gain of 0.2% and one-year increase of 2.1%, according to Dow Jones. Excluding food and energy, the core PCE reading is projected at 0.3% and 2.6% respectively.
Get top local stories in Southern California delivered to you every morning. >Sign up for NBC LA's News Headlines newsletter.
Ahead of the all-important October jobs report at the end of the week, investors monitored mixed economic data Wednesday. That included a stronger-than-expected ADP private payrolls report for October, which showed 233,000 new workers hired and came in ahead of a Dow Jones estimate of 113,000. The first preliminary reading of U.S. third-quarter gross domestic product data showed the U.S. economy grew at a 2.8% pace, behind the 3.1% estimate from economists polled by Dow Jones.
The findings come as Wall Street readies for the Federal Reserve's November meeting, with traders betting on a quarter-point rate cut when the session closes Nov. 7, according to CME Group's FedWatch Tool.
The Fed joined several other major central banks in easing monetary policy when it lowered rates by 50 basis points in September.
Money Report
Policymakers are currently in a so-called blackout period ahead of the Nov. 6-7 meeting, which means they will not be delivering remarks off the back of the data releases, or about their general policy and economic expectations.
