US Treasury yields tick lower ahead of Fed rate decision

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U.S. government debt prices ticked higher as investors await a policy decision by the U.S. Federal Reserve.

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The yield on the benchmark 10-year Treasury note was trading lower at 2.609 percent, while the yield on the 30-year Treasury bond was trading lower at 3.022 percent. Bond yields move inversely to prices.

Market focus is largely attuned to global trade developments, amid media reports of U.S. concerns that China is pushing back against American demands in trade talks.

U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin both plan to travel to Beijing next week for another round of negotiations with Chinese Vice Premier Liu He, the Wall Street Journal reported on Tuesday, citing unnamed Trump administration officials.

The world’s two largest economies have imposed tariffs on billions of dollars’ worth of one another’s goods over the past year, battering financial markets and souring business and consumer sentiment.

Meanwhile, the U.S. central bank is widely expected to keep rates steady later in the session, with investors monitoring a decision on the Fed’s rate projections for the next few years.

In Europe, British Prime Minister Theresa May is set to ask the European Union to delay Brexit by at least three months.

It comes after her plan to hold a third meaningful vote on her embattled Withdrawal Agreement was thrown into disarray by the speaker of Parliament.

No economic data and Treasury auctions are expected on Wednesday.

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