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10-year Treasury yield is little changed as traders weigh new U.S. inflation data

Дата публикации: 31-07-2025 04:24:50



U.S. Treasury yields were little changed on Thursday as investors parsed the personal consumption expenditures index for June — the Federal Reserve’s preferred inflation gauge.
The 10-year Treasury yield dipped less than one basis point to 4.372%. The 2-year yield was about 1.3 basis points higher at 3.953%, and the 30-year bond yield was 1.1 basis points lower to 4.902.
One basis point is equal to 0.01% and yields and prices move in opposite directions.
Investors were closely parsing the Fed’s favored inflation print, the personal consumption expenditures price index, on Thursday. Headline PCE advanced 2.6% on a 12-month basis, above the forecast 2.5% from economists polled by Dow Jones.
That comes after the Fed held rates steady at a range of between 4.25% and 4.5%, in a widely expected move on Wednesday. However, not all Fed members were happy with the decision. Fed officials Michelle Bowman and Christopher Waller disagreed with the move to keep the interest rate unchanged.
Fed Chair Jerome Powell said policymakers will wait to make sure the tariffs don’t turn into “serious inflation” at his press conference after the meeting.
“We have made no decisions about September,” Powell said regarding the next rate decision. “We don’t do that in advance.”
He added: “We’ll be taking that information into consideration and all the other information we get as we make our decision.”
On the tariff front, investors are watching as the Aug. 1 deadline approaches, which is when President Donald Trump’s reciprocal tariff pause will end. The U.S. has only made eight deals in 120 days.
“I think the inflation numbers that need watching will be coming out in the August reports which will reflect June data.  People forget that the numbers we talk about are all seasonally adjusted and are not taking into account the non-seasonality of tariff changes, which is to be expected,” said Arthur Laffer, president of Laffer Tengler Investments. “My concern in the short run is that goods price increases may finally show up in the August reports for CPI.”
Weekly jobless claims are also due on Thursday.


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By Brian Evans, CNBC and Sawdah Bhaimiya, CNBC Published July 31, 2025 Updated on July 31, 2025 at 3:10 pm

Traders work on the floor at the New York Stock Exchange in New York City, U.S., July 21, 2025.

Brendan McDermid | Reuters

Traders work on the floor at the New York Stock Exchange in New York City, U.S., July 21, 2025.

U.S. Treasury yields were little changed on Thursday as investors parsed the personal consumption expenditures index for June — the Federal Reserve's preferred inflation gauge.

The 10-year Treasury yield dipped less than one basis point to 4.372%. The 2-year yield was about 1.3 basis points higher at 3.953%, and the 30-year bond yield was 1.1 basis points lower to 4.902.

One basis point is equal to 0.01% and yields and prices move in opposite directions.

Investors were closely parsing the Fed's favored inflation print, the personal consumption expenditures price index, on Thursday. Headline PCE advanced 2.6% on a 12-month basis, above the forecast 2.5% from economists polled by Dow Jones.

That comes after the Fed held rates steady at a range of between 4.25% and 4.5%, in a widely expected move on Wednesday. However, not all Fed members were happy with the decision. Fed officials Michelle Bowman and Christopher Waller disagreed with the move to keep the interest rate unchanged.

Fed Chair Jerome Powell said policymakers will wait to make sure the tariffs don't turn into "serious inflation" at his press conference after the meeting.

"We have made no decisions about September," Powell said regarding the next rate decision. "We don't do that in advance."

He added: "We'll be taking that information into consideration and all the other information we get as we make our decision."

On the tariff front, investors are watching as the Aug. 1 deadline approaches, which is when President Donald Trump's reciprocal tariff pause will end. The U.S. has only made eight deals in 120 days.

"I think the inflation numbers that need watching will be coming out in the August reports which will reflect June data.  People forget that the numbers we talk about are all seasonally adjusted and are not taking into account the non-seasonality of tariff changes, which is to be expected," said Arthur Laffer, president of Laffer Tengler Investments. "My concern in the short run is that goods price increases may finally show up in the August reports for CPI."

Weekly jobless claims are also due on Thursday.

Copyright CNBC

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