U.S. Treasury yields were mixed as investors digested the latest inflation data, which could affect Fed monetary policy, and considered the economic outlook.
Yields and prices move in opposite directions. One basis point equals 0.01%.Investors considered what could be next for inflation and Fed monetary policy, especially regarding interest rates.— the Fed's favored inflation gauge — suggested that inflation is cooling. On a monthly basis, the PCE was in line with expectations from economists previously surveyed by Dow Jones at 0.2% for June.
The core PCE, which excludes food and energy, was up by 4.1% on an annual basis, just below the anticipated 4.2%, marking the lowest level since September 2021. Many investors took that as a sign that the Fed may be able to pause or end its interest rate-hiking campaign as soon as elevated rates appear to be working to cool the economy and ease inflation.by a further 25 basis points, and Fed Chair Jerome Powell suggested that further policy decisions would be data-dependent.
In the week ahead, investors are waiting for the latest JOLTs job openings figures on Tuesday, followed by ADP's employment change data and July's jobs report. The numbers could further inform the Fed's policy moves as they could provide hints about whether tightness in the labor market is easing.
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