Traders work on the floor of the New York Stock Exchange on September 18, 2024 in New York City.
U.S. Treasury yields were lower on Tuesday as investors looked ahead to fresh economic data and weighed comments from Federal Reserve Chairman Jerome Powell.
At 6:40 a.m. ET the yield on the 10-year Treasury was down by over 6 basis points at 3.741%. The 2-year Treasury yield was last more than 3 basis points lower at 3.615%.
Yields and prices move in opposite directions. One basis point equals 0.01%.
Investors considered the outlook for interest rates as they digested comments from Powell.
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On Monday, he indicated that if economic data remained consistent, two more rate cuts could come this year but in smaller, 25-basis-point increments. Powell also said that the recent 50-basis-point cut from the Fed should not be understood as a sign that the central bank will keep cutting rates aggressively.
"This is not a committee that feels like it's in a hurry to cut rates quickly," he said.
Powell also said the Fed was "not on any preset path" and that policy decisions would continue to be taken on a meeting my meeting basis.
Money Report
More Fed policymakers are set to give remarks throughout this week, which investors will be following closely alongside the latest data releases.
On Tuesday, the S&P Global U.S. Manufacturing Purchasing Managers' Index and the ISM Manufacturing PMI are slated for release, as well as the U.S. Bureau of Labor Statistics' Job Openings and Labor Turnover Survey for August.
As the week continues, more labor market data will be published, including ADP's private payrolls report and the U.S. September jobs report, which includes nonfarm payrolls and the unemployment rate.
