US Treasury bond yields are showing multidirectional dynamics, while market participants continue to evaluate statistical data in an attempt to clarify the prospects for the US economy.
The yield on 5-year Treasury bonds fell by 1.1 basis points, reaching 2.993%, while the yield on 30-year bonds was 3.179% (+5.7 basis points). Meanwhile, the yield on 2-year Treasury bonds, reflecting expectations of short-term interest rates, fell by 0.7 basis points to 2.92%, while the yield on 10-year bonds increased to 2.991% (+1.7 basis points).
Investors are also closely monitoring the situation in the stock market, which is under pressure due to high inflation, aggressive Fed rate hikes and fears of a recession. In the first half of the year, the S&P 500 index fell by 20.6%, which was the biggest drop for this period since 1970.
As for the US data, today at 13:45 GMT the manufacturing PMI from S&P Global for June will be released. Economists expect the index to decline to 52.4 points from 57.0 points in May. Meanwhile, at 14:00 GMT the ISM Manufacturing PMI for June will be published. Consensus estimates suggest a drop to 54.9 points from 56.1 points last month.