U.S. Treasury yields climbed as investors looked to economic data that could affect the Fed's monetary policy and provide hints about the state of the economy.
Yields and prices move in opposite directions and one basis point equals 0.01%.Investors looked to economic data that could inform Fed officials' expectations for monetary policy ahead of the central bank's meeting next week.
Markets are widely expecting interest rates to remain unchanged then, but investors will be closely watching for hints from the Fed about what could be on the horizon for rates and if there is a chance they could go higher still. This comes as Thursday's reading of the gross domestic product for the third quarter came in stronger than expected. It reflected a 4.9% increase, according to the Commerce Department, above the 4.7% rise previously estimated by economists surveyed by Dow Jones., suggested the labor market may be cooling slightly.
Further key data is expected Friday in form of the latest personal consumption expenditures price index, which is the Fed's favored inflation measure. Economists polled by Dow Jones are expecting the core PCE, which excludes food and energy prices, to have risen by 0.3% on a monthly basis in September and 3.7% from a year ago.
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