U.S. Treasury yields were higher on Tuesday as investors looked ahead to economic data and comments from Federal Reserve Chair Jerome Powell.
Yields and prices have an inverted relationship. One basis point equals 0.01%.Investors awaited key data points slated for the week ahead, including fresh consumer and wholesale inflation figures. The consumer price index is scheduled for Thursday, and the producer price index on Friday.
The data comes as questions over the path ahead for monetary policy have lingered, and Federal Reserve policymakers have repeatedly said that they are looking for data to show inflation is easing before cutting interest rates.showed that trader were last pricing in an around 77% chance of rates being cut in September, while rates are widely expected to remain unchanged when the central bank meets later this month.
Powell is also set to give testimony this week, on Tuesday before the Senate Banking Committee and on Wednesday before the House Financial Services Committee. Investors will be scanning his remarks for more clues about the central bank's expectations for the economy and monetary policy. Several other Fed officials are also set to give remarks throughout the week and could provide more insights.
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