Treasury yields fell slightly on Tuesday morning, ahead of the Federal Reserve’s first policy meeting later in the day.
The yield on the benchmark 10-year Treasury note fell to 1.597% at around 9:45 a.m. ET. The yield on the 30-year Treasury bond fell to 2.353%. Yields move inversely to prices.
Investors will be paying close attention to the Fed’s meeting, to see if the U.S. central bank tweaks its interest rate outlook or signals how soon it might pare back of its bond buying program. The Fed will release new economic and interest rate forecasts, which could show Fed officials expect to raise rates by 2023.
Fed Chairman Jerome Powell will hold a press briefing after the second day of the meeting on Wednesday afternoon.
February retail sales fell by more than expected, down 3%, data released Tuesday showed. However, January’s retail sales figures was revised upward to a 7.6% jump from a 5.3% increase, so the stock and bond market largely ignored the number.
Auctions will be held Tuesday for $35 billion of 42-day bonds and $24 billion of 19-year 11-month bonds.
