10-year Treasury yield dips as investors await producer prices data

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10-year Treasury yield dips as investors await producer prices data

The U.S. 10-year Treasury yield edged lower on Friday as market participants awaited the release of the Producer Price Index (PPI) report.

The yield on the 10-year Treasury fell around 2 basis points to 4.075%. The yield on the 2-year Treasury was down by more than 2 basis points to 3.974%.

Yields and prices move in opposite directions. One basis point equals 0.01%.

The yield on the 10-year Treasury briefly topped 4.1% in the previous session following commentary from Atlanta Federal Reserve President Raphael Bostic that suggested his openness to a cutting pause.

Bostic told the

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that he would be prepared for the Fed to hold rates steady at the November meeting if the data warrants it.

His comments followed hotter-than-expected U.S. inflation data on Thursday.

The U.S. Consumer Price Index (CPI) rose 0.2% in September and 2.4% year-over-year, which was above economists’ estimates of a 0.1% increase on a monthly basis, and a 2.3% expansion over the last 12 months, according to a Dow Jones consensus.

Sticking on the data front, investors will turn their attention to the release of the latest PPI reading, which is expected at 8:30 a.m. ET. The PPI is a measure of final demand goods and services costs that producers receive.

A preliminary reading of consumer sentiment for October is scheduled to follow slightly later in the session.

— CNBC’s Brian Evans contributed to this report.

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