U.S. Treasury yields fell on Tuesday morning, ahead of the release of inflation data.
gave up less than basis point, falling to 1.8836%. Yields move inversely to prices and 1 basis point is equal to 0.01%.October's producer price index, which is one measure of inflation that measures what companies get for the goods they produce, is due out at 8:30 a.m. ET on Tuesday. Economists surveyed by Dow Jones are expecting producer prices to have risen 0.6% month over month in October.
Last month's consumer price index, which is more closely monitored by investors as a more direct measure of inflation, will then be released at 8:30 a.m. ET on Wednesday. CPI is expected to show a 0.6% jump compared to the prior month. Inflation readings, along the recovery in the labor market, are being watched by the Federal Reserve as it starts to pare back emergency economic stimulus measures. The central bank announced last week that it wFed Vice Chairman Richard Clarida said on Monday that the central bank would be watching for continued rises in inflation, employment and gross domestic product.
"While we clearly are a ways away from considering raising interest rates, if the outlooks for inflation and unemployment … turn out to be the actual outcomes, then I do believe that these three conditions for raising the target range of the funds rate will have been met by year-end 2022," he said.
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