U.S. Treasury yields were higher to start the week as market players assessed the prospect of central banks implementing more interest rate hikes to curb soaring inflation.
The yield on the benchmark 10-year Treasury note was trading higher by 4 basis points at 3.164% at 3:30 a.m. ET.
Meanwhile, the yield on the 30-year Treasury bond also rose around 4 basis points to 3.301%. Yields move inversely to prices.
On the data front, traders are expecting the latest reading of durable goods orders to come out Monday before the opening bell. They are also watching for the pending home sales report, which is expected at 10 a.m. ET on Monday.
On Thursday, Federal Reserve Chairman Jerome Powell reaffirmed the U.S. central bank’s “unconditional” commitment to reining in 40-year high inflation levels.
Speaking at the U.S. House of Representatives Financial Services Committee, Powell acknowledged that sharply higher interest rates could push up unemployment but said that restoring price stability is “something that we need to do.”Source:
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