US 10-Year Yield Edges Higher as Fed Remains in Focus

The yield on the US 10-year Treasury note rose to around 4.15% on Monday, marking a fourth consecutive session of gains as investors anticipated fresh commentary from Federal Reserve officials and a key US inflation report this week. Chair Jerome Powell and about nine other Fed officials are scheduled to speak, with markets closely watching for guidance on the trajectory of interest rates. Fed Governor Stephen Miran will also present a detailed defense of his independence as a policymaker, having been the sole dissenter in last week’s decision, advocating for a larger 50 basis point cut. The upcoming PCE price index, the Fed’s preferred inflation measure, is expected on Friday to show relatively subdued inflation. Last week, the central bank delivered a widely anticipated 25 basis point rate cut, the first since December, while signaling the possibility of two more reductions this year.