RESOLVING THE LEDGER
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Treasury yields steadied on Tuesday as investors await more data releases for insights into the U.S. economic picture.
Yields on the 10-year Treasury note — the key benchmark for mortgages, auto loans and credit card debt — were flat at at 4.7021%.
The longer-dated 30-year Treasury note yield was also unchanged at 5.2297%. The yield on the 2-year Treasury note , which typically reacts in line with short-term Federal Reserve interest rate decisions, was also steady at 4.2421%.
One basis point equals 0.01%, or 1/100th of 1%, and yields and prices move inversely to one another.
Borrowing costs moved lower on Monday after two senior Treasury officials indicated that the Treasury could use its near $1 trillion General Account to pay for its ramped-up repurchases of government bonds. The officials did not say how much of the TGA may be used to finance the buybacks.
With bond markets in focus following Treasury Secretary Scott Bessent's historic intervention last week, investors are awaiting Federal Reserve Chair Kevin Warsh's keynote address at this year's annual Jackson Hole Symposium, due Friday.
"There is no doubt that the Fed chair will continue in the vein of the first two FOMC meetings, where the void created by Jerome Powell's departure — in terms of guiding market expectations — will remain," said Mabrouk Chetouane, head of global market strategy at Natixis Investment Managers.
"This meeting could therefore disappoint the markets or even increase tensions on the long end of the yield curve, which is already under significant pressure."
Meanwhile, July's personal consumption expenditure reading — the Fed's preferred inflation gauge — is due Wednesday, along with the second quarter GDP estimate, as investors continue probe data for insights into the U.S. economic picture.
Before then, the weekly ADP employment change and new U.S. home sales data are both expected later Tuesday.
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