U.S. Treasury yields rose on Wednesday as investors awaited economic data that could provide hints about how the economy is faring.
U.S. Treasury yields rose on Wednesday as investors awaited economic data that could provide hints about how the economy is faring and assessed the outlook for Federal Reserve policy.yield was up by more than three basis points to 3.9494%. On Tuesday, it climbed as high as 3.983%, reaching levels last seen in the first half of November.Yields and prices move in opposite directions and one basis point equals 0.01%.
ISM's purchasing managers' index for the manufacturing sector, which reflects whether factory activity is expanding or contracting and at what pace, is expected Wednesday. It had fallen to the lowest level since May 2020 in January. Later in the week, initial jobless claims data and ISM's PMI report for the services sector are due and a series of Fed speakers will make remarks. Investors will be scanning their comments for insights into whether tighter monetary policy could continue for longer.
Since early 2022, the Fed has been announcing measures such as interest rate hikes as it aims to ease inflation. Many investors are hoping for a pause in rate increases this year as they fear keeping rates too high for too long could lead to a recession.
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