U.S. Treasury yields climbed on Tuesday as investors awaited economic reports and assessed the outlook for the U.S. economy and Federal Reserve policy.
Yields and prices have an inverted relationship and one basis point equals 0.01%.Investors looked to economic data slated for the week and the release of the Federal Reserve's latest meeting minutes for clues about the outlook for the U.S. economy.
On Tuesday, existing home sales figures for January are expected, as is the S&P Global flash purchasing managers' index report for both the services and manufacturing sectors. The PMI measures whether business activity in various sectors is growing or declining, and therefore could provide hints about how companies are faring in the current economic climate.
Further economic data is slated for later in the week, including the personal consumption expenditures price index on Friday, which is one of the Fed's favored inflation gauges. Minutes from the Fed's latest meeting on Jan. 31 and Feb 1., which concluded with a 25 basis point interest rate hike, are expected on Wednesday. Investors will be scanning them for clues about the central bank's future policy path.
Many have been concerned about the impact of higher rates on the U.S. economy. Fed officials have not, however, ruled out further rate hikes.
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