U.S. treasury yields were little changed on Tuesday as investors awaited key data that could provide fresh hints about the state of the economy.
Yields and prices have an inverted relationship. One basis point is equivalent to 0.01%.Investors considered what could be on the horizon for the economy as they awaited the latest economic data. That includes July's ISM purchasing managers index for the manufacturing sector and JOLTs job openings figures for June on Tuesday.
Further key figures, especially for the labor market, are expected later this week, with ADP's employment change report slated for Wednesday and July's jobs report due Friday. The data could provide insights into whether the labor market is cooling and thereby give an indication of whether the Fed's restrictive approach to monetary policy is being reflected in the economy.
The Fed has been implementing measures, including interest rate hikes since early 2022, with the aim of easing inflation and cooling the economy. After the central bank's latest meeting, Fed Chairman Jerome Powell indicated that the rate-hiking cycle could end soon but may also continue — depending on economic data.
Uncertainty about whether the Fed can achieve a so-called soft landing has prevailed among investors, many of whom are concerned that that elevated interest rates may lead the U.S economy into a recession.
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