U.S. Treasury yields ticked down on Monday as investors looked to a busy week ahead, with a flurry of economic data due including a key inflation reading and insights on housing.
The 10-year Treasury yield was nearly 2 basis points lower at 4.402%, and the 2-year Treasury yield slipped to 4.175%.
One basis point is equal to 0.01%, and yields and prices move in opposite directions.
Investors are expecting a packed week of economic data, including the S&P CoreLogic Case-Shiller National Home Price Index on Tuesday, which will measure the change in the average sale price of single-family homes across the U.S.
Wednesday will bring the MBA 30-Year Mortgage Rate and new home sales data.
On Thursday, data on the GDP growth rate will offer insights into how the U.S. economy fared in the fourth quarter of 2024.
The most anticipated data for the week will be the personal consumption expenditure index, which will be delivered on Friday at 8:30 a.m. ET. The Federal Reserve’s preferred inflation gauge heavily influences the Fed’s rate-cutting decisions.
Earlier this month, Federal Reserve Chair Jerome Powell indicated that after a hotter-than-expected CPI report in January, the Fed does not “need to be in a hurry” to lower interest rates further.
Markets have interpreted the recent messaging as indications that the Fed will be on hold with rates, probably into the summer, after cutting its benchmark borrowing level by a full percentage point in the latter part of 2024.
— CNBC’s Jeff Cox contributed to this report.
