Treasury yields declined Tuesday, pressured by weaker-than-expected U.S. consumer confidence data.
At 3:26 pm ET, the yield on the 10-year Treasury fell 10 basis points to 4.113%. The 2-year Treasury yield was last trading at 4.89% after falling by 16.4 basis points.
Treasurys
The Conference Board said its consumer confidence index came in at 106.1. That's well below a Dow Jones estimate of 116. The Conference Board also said average inflation expectations for the next 12 months increased, pressuring overall confidence, while the short-term outlook for income, business and labor market conditions declined.
"August's disappointing headline number reflected dips in both the current conditions and expectations indexes. Write-in responses showed that consumers were once again preoccupied with rising prices in general, and for groceries and gasoline in particular," The Conference Board Chief Economist Dana Peterson.
Traders also pored through new data on U.S. job openings. The latest job openings and labor turnover survey showed open listings declined to 8.8 million from 9.5 million. They also reached their lowest level since March 2021.
These data sets come ahead of two other key reports due this week.
The personal consumption expenditures price index, which is the Federal Reserve's favored inflation gauge, is expected to be published Thursday. On Friday, the August U.S. jobs report is slated for release.
The data could inform the Fed's next monetary policy moves, over which uncertainty has recently spread.
Fed Chairman Jerome Powell suggested last week that further interest rate hikes could be on the horizon. Speaking at the central bank's annual Jackson Hole symposium, Powell said that while inflation has fallen, it remains too high.
"We are prepared to raise rates further if appropriate, and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective," Powell said.