U.S. Treasury yields slipped on Tuesday as investors considered the latest economic data and what it could mean for the economy.
At 6:07 a.m. ET, the yield on the 10-year Treasury was down by 1 basis point at 4.384%. The 2-year Treasury yield was last trading at 4.808% after dipping about 1 basis point.
Yields and prices move in opposite directions. One basis point is equivalent to 0.01%.
Yields had fallen on Tuesday, with the 10-year Treasury yield tumbling close to 12 basis points, after economic data indicated a contraction of the manufacturing sector.
The ISM manufacturing index came in at 48.7 for the month of May, below the expected 49.6 figure. Readings below 50 indicate a contraction.
On Wednesday, ISM’s services index will also be released, giving investors insights into another sector. Also this week, the May jobs report is due, providing fresh data from the labor market, including nonfarm payrolls and the unemployment rate.
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