Treasury yields slipped on Wednesday as investors looked ahead to a fresh batch of economic data and considered the outlook for the U.S. economy.
The yield on the benchmark 10-year Treasury note traded marginally lower at 4.237% at 4:50 a.m. ET, while the yield on the 2-year Treasury note fell less than 1 basis point to trade at 4.439%.
Yields and prices move in opposite directions, and one basis point is equivalent to 0.01%.
On the data front, a flash reading of the manufacturing purchasing managers index (PMI) for July is scheduled to be released at around 9:45 a.m. ET. Flash services PMI data for July is due at the same time, while new home sales for June will be released later in the session.
Later in the week, a reading of second-quarter gross domestic product and June’s personal consumption expenditures price index are expected.
The latter is the Federal Reserve’s preferred inflation gauge — and could therefore inform guidance…
