U.S. Treasury yields dipped Tuesday amid concerns of economic growth.
The yield on the benchmark 10-year Treasury note dipped 2.1 basis points to 1.586% at 10:04 a.m. ET. The yield on the 30-year Treasury bond gave up 4.5 basis points, falling to 2.115%. Yields move inversely to prices and 1 basis point is equal to 0.01%.
The International Monetary Fund on Tuesday lowered its global growth forecast, citing supply chain woes and the pandemic.
“We’re seeing major supply disruptions around the world that are also feeding inflationary pressures, which are quite high and financial risk taking also is increasing, which poses an additional risk to the outlook,” IMF economist Gita Gopinath said in a press release.
The IMF said central banks like the Federal Reserve should be ready to tighten monetary policy if prices run too high.
Job openings in August fell by more than half a million to 10.4 million, according to the Labor Department’s latest Job Openings and Labor Turnover Survey released Tuesday.
The jobs data comes ahead of the release of the minutes from the Federal Reserve’s latest policy meeting, set to come out at 2 p.m. ET on Wednesday, which investors will pore over for clues as to the central bank’s timeline on tapering its bond buying program.
Prior to that, September’s core inflation rate is due out at 8:30 a.m. ET on Wednesday, which could also influence when the Fed decides to pull back its emergency stimulus measures.
Meanwhile, Fed Vice Chair Richard Clarida is due to make a speech on the economic outlook for the U.S. and monetary policy at the Institute of International Finance Annual Meeting, at 11:15 a.m. ET on Tuesday.
Auctions are scheduled to be held on Tuesday for $42 billion of 13-week bills, $42 billion of 26-week bills, $58 billion of 3-year notes and $38 billion of 10-year notes.
