Monday, May 29, 2023
HomeUSATreasury yields little changed as focus remains on economic outlook, earnings

Treasury yields little changed as focus remains on economic outlook, earnings

John Zich | Bloomberg | Getty Images

U.S. Treasury yields were little changed on Tuesday, as investors continued to assess the outlook for the U.S. economy and digested the latest round of corporate earnings.

The yield on the benchmark 10-year Treasury note was flat at 3.591%, while the yield on the 2-year Treasury bond dipped a basis point to 4.176%. Yields move inversely to prices.

Corporate earnings season continued with giants Johnson & JohnsonBank of America and Goldman Sachs all set to report before the opening bell on Wall Street on Tuesday.

On the data front, traders will have an eye on the March housing starts and building permits figures due at 8:30 a.m. ET. Housing starts for the month are expected to have fallen by 3.4% to 1.40 million units, according to Dow Jones consensus estimates, while building permits are projected to drop by 4.9% to 1.45 million units.

Markets are closely following economic data for a read on where the Federal Reserve might take interest rates at its next meeting in early May. More than 84% of traders are calling a 25 basis point hike at the next policy meeting, according to CME Group’s FedWatch tool.

An auction will be held Tuesday for $34 billion of 52-week Treasury bills.

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