U.S. Treasury yields dipped on Tuesday as traders awaited the Federal Reserve July assembly minutes and its annual Jackson Hole symposium later within the week.
The 2-year Treasury yield fell greater than 2 foundation factors to three.75%. The benchmark 10-year note yield dipped about 4 foundation factors to 4.3%.
The Fed will launch minutes from its July 29-30 coverage assembly, the place charges had been left unchanged, at 2 p.m. ET on Wednesday.
Investors are additionally trying to Fed Chair Jerome Powell for alerts on the trail of financial coverage, as world central bankers collect in Jackson Hole, Wyoming, for the Fed’s annual financial symposium from Thursday to Saturday. Powell is slated to offer a speech on Friday.
“Fed Chairman Powell is likely to continue emphasizing that the September FOMC rate decision will hinge on employment and inflation data in August,” Eastspring Investments stated in a word.
This week’s information calendar is lighter following final week’s highlight on inflation and retail gross sales.
Housing begins information launched Tuesday for the month of July totaled a seasonally adjusted annual charge of 1.428 million, up 5.2% from the upwardly revised June determine and properly above the Dow Jones consensus estimate for 1.29 million, in accordance with Commerce Department figures. The figures confirmed, nonetheless, that the whole of 1.354 million was 2.8% off the June tempo and fewer than the 1.39 million estimate.
Investors this week are monitoring earnings from high U.S. retailers for clues on shopper energy. Home Depot on Tuesday reported weaker-than-expected second-quarter earnings however maintained its full-year outlook. Reports from Lowe’s, Walmart and Target will likely be launched later this week.