U.S. Treasury yields fell recently as investors parsed fresh manufacturing data and awaited further insight into the state of the economy from reports due out later in the week. /p>
The yield on the 10-year Treasury was down 2.1 basis points to 4.602%. The yield on the 2-year Treasury was last at 4.927% after falling 4.4 basis points.
The S&P Global Flash U.S. manufacturing PMI came in at 49.9, hitting a four-month low and down from 51.9 in March. A reading below 50 indicates an economic contraction within the sector.
And S&P’s survey reinforces the case for thinking markets will be caught out by how quickly the economic data swing to supporting the case for reducing interest rates soon.
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