The 10-year Treasury yield edged lower on Wednesday, as investors weighed new U.S. inflation data that may reinforce the case for Federal Reserve rate cuts.
yield edged lower on Wednesday, as investors weighed new U.S. inflation data that may reinforce the case for Federal Reserve rate cuts. The yield on the benchmark 10-year Treasury was down less than a basis point at 4.
066%. The yield on theOne basis point equals 0.01% and yields and prices move in opposite directions. The producer price index declined 0.1% in August, the Bureau of Labor Statistics said Wednesday. Economists polled by Dow Jones had expected a 0.3% increase for the month. Wednesday's data kept bets high that the Fed will lower its benchmark rate next week. The CME Group's"Overall, it was a softer round of inflation data but not sufficient by itself to start the conversation about a 50 bp Fed cut -- for that, investors need to see a soft CPI tomorrow," Ian Lyngen of BMO wrote, referring to the chance the Fed might cut rates by half a percentage point. "Treasuries have rallied as a result of the PPI release but the overall price action has been relatively muted, all things considered."
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