Stock indexes struggled for direction as investors worried about a potential recession.
"The yield on the two-year is really showing you that the Treasury curve is taking the Fed seriously about where interest rates are heading, whereas the 10-year is really trying to get behind that hard landing narrative," said Art Hogan, chief market strategist at B Riley Wealth.
"Unless we get some data over the course of the next two weeks, we really don't know which way we should be landing. Unfortunately the most important piece of the data doesn't come until Friday, that's why we've got a market that's meandering a bit."the Fed could raise rates to 6% and keep them there for an extended period of time to fight inflation. Traders currently see the Fed funds rate peaking at 5.66% by September.
Labor department data at 10:00 a.m. ET is likely to show U.S. job openings increased to 10.5 million in January after an unexpected rise to 11 million in the previous month.
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