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Bond yields held to a tight range on Friday ahead of U.S. inflation data that is expected to show that the disinflationary period is continuing.
What’s happening
-
The yield on the 2-year Treasury
BX:TMUBMUSD02Y
was 4.32%, up 1.2 basis points. Yields move in the opposite direction to prices. -
The yield on the 10-year Treasury
BX:TMUBMUSD10Y
was 4.12%, down 0.5 basis points. -
The yield on the 30-year Treasury
BX:TMUBMUSD30Y
was 4.36%, down 0.9 basis points.
What’s driving markets
The PCE price index, which is the Federal Reserve’s preferred inflation measure, gets released at 8:30 a.m. Eastern, alongside personal income and consumer spending data.
Economists expect a 0.2% rise for core PCE prices, which exclude food and energy.
December’s data was baked into the GDP report for the fourth quarter released Thursday. Economists at Barclays say that unless there were revisions to October and November data, core PCE prices should rise by 0.2%.
Treasury yields on Thursday may have been more impacted by data showing a rise in initial jobless claims.
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