US Treasury Yields Little Changed as Investors Weigh Economic Outlook
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Speculators have reduced their bearish bets on US Treasury two-year and five-year note futures, indicating expectations of lower yields. This decline in net short positioning on the shorter end of the curve suggests that the Federal Reserve may be nearing the end of its tightening cycle. In contrast, bearish positioning on longer-dated notes and bonds has increased, pointing to a steepening trend in the yield curve. The comments made by Fed Chair Jerome Powell are seen as dovish, with investors pricing in the likelihood that the Fed is done raising rates.
US yields fell after weak data on U.S. manufacturing and a Federal Reserve official's comment on the balance sheet reset. The Institute for Supply Management (ISM) reported that its purchasing managers index for manufacturing fell to 47....
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