U.S. Treasuries modestly higher start, looking to narrow some of this week’s sharp losses that sent yields on 10s and shorter tenors to fresh highs for the year.
The night brought a big batch of data, including flash July PMI readings that showed ongoing expansion in manufacturing and services sectors in Asia, and an improvement in readings across Europe.
In other news, President Trump is planning to impose tariffs on 60 trading partners, including the EU. These tariffs will replace the 10% global tariff that is scheduled to expire due to a court ruling.
Yields:
2-yr: -2 bps to 4.34%
3-yr: -2 bps to 4.37%
5-yr: -2 bps to 4.44%
10-yr: -2 bps to 4.68%
30-yr: -1 bp to 5.16%