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US Treasuries as traders watch PPI inflation data

Treasury yields fell on Tuesday as markets awaited the release of October’s producer price index numbers and digested US Federal Reserve speaker comments.

Around 4:20 am ET, the return on the benchmark index 10-year treasury was down around three basis points to 3.8367%. The 2-year treasury The yield was last at 4.3677% after falling four basis points.

Returns and prices have an inverse relationship. One basis point corresponds to 0.01[ads1]%.

Traders were looking forward to the latest PPI figures due later in the day. PPI reflects wholesale inflation by measuring how the prices paid to producers for goods and services evolve.

Markets are hoping the data will provide more clarity on whether headline inflation is cooling, after consumer inflation figures released on Thursday suggested so.

Fed Governor Christopher Waller suggested on Monday that last week’s data was only part of the bigger picture, and other data points need to be considered before any conclusions can be drawn.

He also indicated that the Fed would consider slowing rate hikes, but a pause for them is not imminent.

Federal Reserve Deputy Chairman Lael Brainard also hinted at a potential slowdown in rate hikes in comments on Monday.

Investors have been watching the Fed speakers’ comments closely as uncertainty about the central bank’s future policy and concerns about the pace of interest rate hikes that are pushing the US economy into recession have continued.

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