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Bond yields slip ahead of ISM manufacturing report

Bond yields slipped on Friday ahead of a key manufacturing report and a bevy of comments from Federal Reserve officials.

What’s happening

  • The yield on the 2-year Treasury BX:TMUBMUSD02Y was 4.6%, down 3.3 basis points. Yields move in the opposite direction to prices.
  • The yield on the 10-year Treasury BX:TMUBMUSD10Y was 4.23%, down 2.6 basis points.
  • The yield on the 30-year Treasury BX:TMUBMUSD30Y was 4.36%, down 2.3 basis points.

What’s driving markets

Bond yields were steady on Thursday after data showing the PCE price index rose in line with economist estimates. During February, however, the yield on the 10-year rose by 29 basis points.

Data set for release on Friday includes the ISM manufacturing index, as well as the University of Michigan consumer sentiment.

There’s also numerous Fed officials due to speak, ranging from what JPMorgan’s natural-language processing finds to be the most dovish, new Gov. Adriana Kugler, to the joint most-hawkish, Dallas Fed President Lorie Logan.

SOURCE

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