U.S. Treasury yields inched higher on Wednesday as markets absorbed wholesale inflation data and awaited the release of retail sales data for October.
Yields and prices move in opposite directions and one basis point equals 0.01%.throughout the month. Markets broadly took this as a sign that inflation is indeed easing, as suggested by last week's consumer price index figures.
Many investors are hopeful that the data will prompt the Federal Reserve to slow interest rate hikes, which the central bank has been using as a tool to fight persistently high inflation. The pace of rate hikes has raised concerns about the Fed leading the U.S. economy into a recession. A series of Fed speakers are due to make remarks this week, which traders will be scanning for hints about policy plans.
Retail sales data for October is due to be released on Wednesday and will provide insights into the state of the U.S. economy and the impact of inflation on consumer demand.
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