U.S. bond yields were steady on Friday ahead of the release of inflation data for February.
What’s happening
-
The yield on the 2-year Treasury
TMUBMUSD02Y,
4.143%
was 4.13%, down 0.3 basis points. -
The yield on the 10-year Treasury
TMUBMUSD10Y,
3.547%
was 3.57%, up 1.3 basis points. -
The yield on the 30-year Treasury
TMUBMUSD30Y,
3.718%
was 3.74%, up 0.7 basis points.
What’s driving markets
The Federal Reserve’s preferred measure of inflation, the PCE price index for February, is due for release Friday alongside the latest numbers on consumer spending and personal income. Economists polled by The Wall Street Journal expect the core measure of PCE, which excludes energy and food, to rise 0.4% for February after 0.6% growth in January.
There’s also Chicago PMI and the final reading of the University of Michigan consumer index set for release, and a speech at 3:05 p.m. Eastern from New York Fed President John Williams, on monetary policy and the economic outlook. There are two more Fed speakers on Friday night.
In the eurozone, the year-over-year inflation rate fell to a slightly below consensus 6.9% from 8.5%, but the core measure ticked up a tenth to 5.7%. The yield on the 10-year German bund
TMBMKDE-10Y,
slipped 3 basis points to 2.34%.
