Traders Push Treasuries Higher as Data Reinforces Fed Cut Bets
- Ten-year Treasury yield slips to the lowest in over a week
- Investors look to manufacturing, jobs data to price Fed cuts
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Treasuries rose, taking benchmark yields to the lowest levels in more than a week, after US manufacturing data reinforced bets the Federal Reserve will cut interest rates at least once this year.
Longer-dated bonds led the market higher after the Institute for Supply Management’s manufacturing survey showed factory activity contracting and output weakening in the world’s largest economy last month. Yields on 30-year bonds dropped as much as 10 basis points to 4.546%, the lowest since May 23.