Treasury Yields Decline Amid Weak Philadelphia Fed Non-Manufacturing Data

Tuesday, 20 August 2024, 06:45

Treasury yields turned lower as Philadelphia Fed's non-manufacturing survey indicates ongoing weakness. The regional index dropped to minus 25.1. The 2-year yield decreased to 4.017%, while the 10-year yield fell to 3.841%.
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Treasury Yields Decline Amid Weak Philadelphia Fed Non-Manufacturing Data

Impact of Philadelphia Fed's Survey on Treasury Yields

Treasury yields are experiencing a downward trend following the Philadelphia Fed's latest non-manufacturing survey, which reflects persistent weakness in activity throughout August. The current regional-activity index has significantly dropped by 6 points, landing at minus 25.1.

Reactions in Treasury Market

  • The policy-sensitive 2-year yield decreased by 5 basis points to 4.017% during early New York trading.
  • The 10-year Treasury rate saw a slight decline, down 2.6 basis points to 3.841%.

Market Outlook and Future Events

Market participants are closely monitoring expectations for the upcoming preliminary payroll revisions from the Bureau of Labor Statistics. Goldman Sachs estimates revisions could reveal a significant downward adjustment of potentially 1 million jobs, stirring further concern in the markets.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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