U.S. Treasury yields fell on Wednesday as investors assessed the state of the U.S. economy following the latest economic data.
Yields and prices have an inverted relationship and one basis point equals 0.01%.New home sales came in at 675,000 for August, fewer than the previously anticipated 695,000, which also marked a significant drop from July's figures.
Also on Tuesday, the Conference Board's consumer confidence index reflected a decline to 103 for September, below the 105.5 that economists polled by Dow Jones previously expected and down from August's 108.7 figure. A higher reading suggests greater optimism from consumers about their own financial prospects and the state of the economy.
That comes as the Federal Reserve suggested last week that interest rates would go higher still and remain elevated for longer, prompting concerns among investors about what it could mean for the economy., which could begin as early as Oct. 1 unless Congress agrees on a deal to fund the federal government before then.
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