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U.S. Treasury yields were little changed on Tuesday morning, as investors digested employment data and comments from Federal Reserve officials, awaiting major inflation readings later this week.
The benchmark 10-year T-bill yield slipped 14 basis points to 1.3152%, while the yield on the 30-year T-bill hovered around the flat line at 1.9617%. Yields move in the opposite direction to prices.
Yields rose on Monday after job vacancies hit a record 10.1 million in June, while hires also rose, according to the latest figures from the Ministry of Labor. Supply shortages weighed on the labor market recovery even as the economy as a whole rebounds.
Jobs data is one of the main economic indicators the Federal Reserve uses to determine when it will begin to tighten monetary policy, along with inflation numbers.
The consumer price index and the producer price index, both of which measure inflation, are expected to be released on Wednesday and Thursday, respectively.
On Monday, two Fed officials said the pace of the recovery in the United States and high inflation could spark discussions about the start of central bank interest rate hikes.
Meanwhile, the U.S. Senate will vote on Tuesday on the bipartisan $ 1,000 billion infrastructure bill, a key priority for President Joe Biden, before starting a new debate on a $ 3.5 billion expansion. social programs dollars.
On the data front, preliminary second quarter labor costs and nonfarm productivity readings are expected at 8:30 am ET.
Treasury auctions will take place for $ 34 billion in 52-week bills and $ 58 billion in 3-year bills.
– CNBC’s Vicky McKeever and Tanaya Macheel contributed to this report.
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