U.S. Treasury yields were little changed Tuesday as investors parsed minutes from the Federal Reserve's latest meeting that showed no indication of an interest rate cut.
The yield on the 10-year Treasury fell marginally to 4.412%. The 2-year Treasury yield was down by 3 basis points at 4.881%.
Yields and prices have an inverted relationship. One basis point equals 0.01%.
Treasurys
Minutes from the central bank's latest meeting that concluded with interest rates being left unchanged did little to move the bond market Tuesday. The minutes showed the Fed gave no sign of potential rate cuts.
"In discussing the policy outlook, participants continued to judge that it was critical that the stance of monetary policy be kept sufficiently restrictive to return inflation to the Committee's 2 percent objective over time," the minutes stated.
Since that meeting, markets have all but erased any expectations of further rate hikes as several economic data points, including October's consumer price index, have pointed to inflation slowing. Â
Markets are pricing in a more than 99% chance of rates being left unchanged for the third time in a row when the Fed meets in December, according to CME Group's FedWatch tool.
Questions about when the Fed may start cutting rates and if a recession is likely to hit the U.S. economy have instead grown louder among investors. Many are hoping that the minutes will shed some light on the expected path.
Existing home sales data for October came in at 3.79 million units, versus estimates of 3.9 million, according to the National Association of Realtors. This marked the slowest sales pace since August 2010.