U.S. Treasury yields fell on Tuesday, with the benchmark 10-year yield hitting i...
FILE PHOTO: A specialist trader works at his station on the floor at the New York Stock Exchange in New York, U.S., August 2, 2019. REUTERS/Brendan McDermid
The Institute for Supply Management said its index of national factory activity decreased in August to 49.1, the lowest since January 2016. A reading below 50 indicates contraction in manufacturing, which accounts for about 12% of the U.S. economy. Last month marked the first time since August 2016 that the index broke below the 50 threshold.
Concerns about the economy, which is in its longest expansion ever, were also exacerbated by other data on Tuesday showing construction spending barely rising in July. The economy’s waning fortunes have been blamed on the White House’s year-long trade war with China. Across maturities, yields fell. The 10-year yield US10YT=RR fell as low as 1.4290% and was last down 3.7 basis points to 1.4691%. The two-year yield US2YT=RR was 4.2 basis points lower at 1.4640%. The fall was greater in shorter-dated maturities, enough to steepen the yield curve out of inversion. The spread between two- and 10-year yields US2US10=TWEB was last at 0.20 basis points.
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