Treasury yields fell slightly on Tuesday as investors fretted over the Fed's interest rate plans after data suggested rates may need to stay higher for longer.
Yields and prices move in opposite directions and one basis point equals 0.01%.Recent economic data releases have indicated that the U.S. economy has remained robust as the Fed has hiked interest rates.
On Monday, ISM's purchasing managers index for the services sector came in higher than expected, reflecting that economic activity had increased at a faster pace in November than in October. Jobs data, including the nonfarms payroll report, released late last week, also exceeded expectations. Some investors believe that this resilience could mean that the central bank needs to hike rates further, or keep them at a higher level for longer, in order to lower inflation.
The Fed has implemented four consecutive 75 basis point rate hikes so far this year, prompting concern among many investors about the pace of rate hikes dragging the U.S. economy into a recession.. The central bank is expected to announce a 50 basis point hike at its next meeting from Dec. 13-14.
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