10-year Treasury yield amid economic data, Fed speeches
Refer to the benchmark yield 10-year Treasury noteOn Tuesday, the market rose as investors eagerly awaited new economic data. They also scanned for signs that might indicate the direction of monetary policies.
The yield on the 10-year Treasury note last traded up 4 basis points to 2.9240%, while the yield on the 30-year Treasury bond rose 4 basis points to 3.1317%. Yields change in the opposite direction to prices, and one basis point equals 0.01%.
It comes soon after the Federal Reserve former Chair Ben Bernanke said the U.S. central bank had made a mistakeIt is ignoring an inflation issue that has now turned into one of the most devastating episodes in American financial history dating back to the 1980s.
CNBC. Andrew Ross SorkinIn an interview which aired Monday on “The Daily Show.”Squawk BoxBernanke: “show, Bernanke saidAlthough he believed he knew why Jerome Powell-led central banks had delayed their inflation response, he now sees that this was an error.
Bernanke led the Fed through 2008’s financial crisis and supervised unprecedented monetary policy expansion.
On Tuesday market participants are expected to watch a torrent of Fed speeches. The Wall Street Journal will host Jerome Powell, the Federal Reserve Chair. He is expected to address attendees at The Future of Everything Festival around 2. ET.
The following are available for remarks: Chicago Fed President Charles Evans, St. Louis Fed President James Bullard and Philadelphia Fed President Patrick Harker.
Retail sales data for April will be available at 8:30 AM. ET. Industrial production and data on capacity utilization for April will be released at 9:15 AM ET. ET. ET.
U.S. Treasury auctions $34 Billion in 52-week bills Tuesday.
— CNBC’s Jeff Cox contributed to this report.