Treasury yields drift lower with focus on economic data

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U.S. Treasury yields drifted lower early on Friday, with Markit’s May purchasing managers’ index due out later in the morning.

The yield on the benchmark 10-year Treasury note fell to 1.618% at 3:45 a.m. ET. The yield on the 30-year Treasury bond dipped to 2.323%. Yields move inversely to prices.

The May Markit PMI, which tracks economic trends in the manufacturing and service sectors, is due out at 9:45 a.m. ET.

Existing home sales data for April is then due to be released at 10 a.m. ET.

The 10-year Treasury yield has eased back after a brief jump to top 1.68% on Wednesday, following the release of policy meeting minutes from the Federal Reserve.

The central bank’s Federal Open Market Committee hinted it would consider discussing a plan to taper its asset purchase if the economy continued recover rapidly. However, the Fed stuck to the line that it saw rising inflation as transitory.

There are no auctions due to be held Friday.

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