NYSE
The benchmark 10-year Treasury note was 2 basis points lower at 4.645% at 3:05 a.m. ET. The 30-year Treasury bond yield was 2 basis points lower at 5.161%, while the yield on the 2-year Treasury note nudged 1 basis point lower, to 4.211%.
One basis point equals 0.01%, or 1/100th of 1%, and yields and prices move inversely to one another.
The print helped boost the U.S. dollar and left markets pricing around a 36% of a Fed rate hike in September, according to CME Group’s FedWatch tool.
The most highly-anticipated event of the week is the Jackson Hole summit, where Warsh will deliver a speech on Friday.
Investors are hungry for more information regarding the chair’s views on the economy, inflation pressures and the role of monetary policymaking.
A lack of any forward guidance means markets may be jumpy in response to any perceived dovish or hawkish tilt.
Of particular interest will be whether he also comments on the move higher in U.S. long-term borrowing costs or the Treasury Department’s plan to increase its buybacks of government debt in response.
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