Treasury Yields Retreat as U.S. Activity Indicator Cools
Dow Jones
Yesterday
0859 ET - Treasury yields ease from overnight highs, as manufacturing activity in the New York region slows more than expected. The New York Fed's Empire State general business conditions index for September falls to 7.6 from 20.6. Economists surveyed by WSJ expected 15. Markets expect the Fed to raise interest rates tomorrow, but signs of weakening activity support the case for another hold. Demand for U.S. government debt will be tested at a $13 billion auction of 20-year bonds. Treasury Secretary Bessent testifies to Congress. The 10-year is just below 5%, after reaching 5.040% overnight, its highest since 2007. The two-year cools to 4.648% from 4.688%.
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