WASHINGTON (dpa-AFX) - Treasuries moved modestly higher during trading on Monday, regaining ground after trending lower over the past few sessions.
Bond prices gave back ground after an early advance but moved back to the upside as the day progressed. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, edged down by 1.2 basis points to 4.273 percent.
The modest rebound by treasuries came as traders looked ahead to the Labor Department's report on consumer price inflation in the month of July is likely on Tuesday, which could impact the outlook for interest rates.
Economists currently expect consumer prices to rise by 0.2 percent in July after climbing by 0.3 percent in June, while the annual rate of growth is expected to inch up to 2.8 percent from 2.7 percent.
Core consumer prices, which exclude food and energy prices, are expected to increase by 0.3 percent in July after rising by 0.2 percent in June. The annual rate of growth is expected to tick up to 3.0 percent from 2.9 percent.
Ahead of the release of the data, CME Group's FedWatch Tool is indicating an 86.4 percent chance the Federal Reserve will lower interest rates by a quarter point next month.
Reports on producer price inflation, retail sales and industrial production are also likely to attract attention in the coming days.
Trading on Tuesday is likely to driven by reaction to the Labor Department's report on consumer price inflation in the month of July.
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