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U.S. bond yields were steady Friday as expectations have firmed for the Federal Reserve to make one more interest rate increase in May before pausing.
What’s happening
-
The yield on the 2-year Treasury
TMUBMUSD02Y,
4.111%
was 4.14%, down 0.3 basis points. -
The yield on the 10-year Treasury
TMUBMUSD10Y,
3.531%
was 3.54%, down 0.1 basis points. -
The yield on the 30-year Treasury
TMUBMUSD30Y,
3.746%
was 3.75%, down 0.2 basis points.
What’s driving markets
A week of Federal Reserve officials comments has led markets to price in an 85% chance the Fed will raise its policy interest rate by a quarter percentage point in May, followed by a pause to assess economic conditions.
The latest economic data points to a deteriorating economy. The Conference Board’s leading economic index, released Thursday, fell to its lowest level since Nov. 2020, as the number of people collecting unemployment benefits reached the highest level since Nov. 2021.
Friday’s U.S. economic calendar includes the preliminary S&P Global manufacturing and service sector activity reports for April.
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