U.S. Treasury yields were little changed on Friday as investors awaited the release of key inflation data ahead of the Federal Reserve’s upcoming meeting.
U.S. Treasury yields were little changed on Friday as investors awaited the release of key inflation data ahead of the Federal Reserve's upcoming monetary policy meeting next week.Investors looked ahead to the release of the personal consumption expenditures price index for June. The PCE is the Federal Reserve's preferred inflation gauge.
Economists surveyed by Dow Jones are expecting headline PCE to come in at 2.5% on an annual basis and 0.1% from the previous month. Those are some of the last key economic data releases before the Fed meets next week to discuss monetary policy. Markets are widely expecting the central bank to leave interest rates unchanged then, but are hoping that policymakers will give an indication of when rates will be cut, and how many rate cuts there will be this year.
According to CME Group's FedWatch tool, traders were last pricing in a 100% chance of rates being cut at the Fed's September meeting.The inflation figures come after economic data throughout the week have given mixed signals about the state of the economy. A preliminary reading of the gross domestic product for the second quarter showed that it increased at a 2.8% annualized pace, which was more than the expected 2.4% reading. Earlier in the week, however, data from the manufacturing sector came in lower than expected, with the U.S. PMI flash manufacturing output index falling into contraction territory.
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