U.S. Treasury yields held steady, ahead of the Fed's meeting this week to discuss its monetary policy plans and announce its latest interest rate decision.
Yields and prices move in opposite directions. One basis point equals 0.01%.Federal Reserve policymakers will meet on Tuesday and Wednesday and are expected to announce a further interest rate increase at the conclusion of their meeting.
Guidance issued alongside the rate decision and comments from Fed Chairman Jerome Powell in the post-meeting press conference will also be key for investors. They will likely provide clues about what is next for monetary policy and how the Fed views the state of the economy, including the outlook for inflation.
The Fed started taking a restrictive approach to monetary policy in early 2022 with the aim of easing inflation and cooling the economy. The latest, published earlier this month, indicated that the central bank's policy moves are producing the desired effect. But at 3%, inflation remained above the Fed's target range of 2% on an annual basis.
Several key data points are also due this week, including the personal consumption expenditures index on Friday, which is the Fed's favored inflation gauge. Elsewhere, the European Central Bank is due to announce an interest rate decision on Thursday and the Bank of Japan will meet at the end of the week.
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