U.S. Treasury yields fell slightly on Thursday as investors looked ahead to key economic data points that could inform the path ahead for interest rates.
At 6:45 a.m. ET, the yield on the 10-year Treasury was down one basis point to 4.644%. The 2-year Treasury yield was last at 4.925% after dipping by just over one basis point.
Yields and prices move in opposite directions. One basis point equals 0.01%.
Treasurys
| TICKER | COMPANY | YIELD | CHANGE |
|---|---|---|---|
| US1M | U.S. 1 Month Treasury | 5.376% | +0.002 |
| US3M | U.S. 3 Month Treasury | 5.407% | +0.002 |
| US6M | U.S. 6 Month Treasury | 5.371% | -0.009 |
| US1Y | U.S. 1 Year Treasury | 5.167% | -0.003 |
| US2Y | U.S. 2 Year Treasury | 4.925% | -0.012 |
| US10Y | U.S. 10 Year Treasury | 4.648% | -0.006 |
| US30Y | U.S. 30 Year Treasury | 4.785% | +0.001 |
Investors awaited gross domestic product and inflation insights due Thursday and Friday, respectively. The data could inform how Federal Reserve policymakers think about monetary policy and what decisions they come to regarding the outlook for interest rates.
Economists surveyed by Dow Jones are expecting real GDP to come in at 2.4%.
Also on Thursday, weekly initial jobless claims are due.
That will be followed by inflation insights in form of the personal consumption expenditures price index on Friday. The PCE is the Fed’s preferred inflation measure.
The Fed is due to convene for its policy meeting next week. Markets are widely expecting interest rates to remain unchanged then, with traders last pricing in the first rate cut for September, according to CME Group’s FedWatch tool.
However, investors will be closely watching for any fresh clues from policymakers about when they expect rates to be cut and how many reductions they expect to take place this year.