Treasury Yields Little Changed Ahead of May CPI
0907 ET – U.S. bond benchmarks are little changed from Friday, as trade and budget negotiations continue ahead of inflation data and Treasury auctions. U.S. and China officials are meeting in London to discuss tariffs. Republican senators are yet to agree on a budget bill, keeping alive worries about fiscal deficits. Markets will watch long-term Treasurys auctions this week for potential signs of weakening demand. Economists surveyed by WSJ expect May annual CPI, due Wednesday, to accelerate to 2.5% from 2.3%, and to 2.9% from 2.8% in the core reading. The 10-year Treasury yield is at 4.513% and the two-year at 4.031%. (paulo.trevisani@wsj.com; @ptrevisani)
1056 GMT – U.S. Treasury yields fall, reversing Friday's rise after better-than-expected U.S. jobs data. Yields around 5% for 30-year Treasurys, 4.5% for 10-year Treasurys and 4.0% for two-year Treasurys could attract buyers, Pepperstone's Michael Brown says in a note. These levels have 'proved attractive to dip buyers in recent weeks.' However, investors are cautious ahead of this week's U.S. bond auctions, especially Thursday's sale of 30-year Treasurys, given U.S. fiscal concerns, he says. Three-year Treasurys will also be auctioned Tuesday and 10-year Treasurys on Wednesday. The 30-year Treasury yield falls 1 basis point to 4.953%; the 10-year yield falls 2 basis points to 4.488%; the two-year yield falls 3 basis points to 4.012%, Tradeweb data show. (jessica.fleetham@wsj.com)
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