The yield on the 10-year US Treasury note hovered near 4.21% on Friday, holding close to four-month lows as investors awaited the PCE price index, the Federal Reserve’s preferred inflation gauge, for fresh policy signals. Core PCE is expected to show a 2.9% annual increase in July, the fastest pace in five months. Revised figures released Thursday also indicated the US economy grew slightly faster in Q2, supported by stronger business investment and trade. Meanwhile, Fed Governor Christopher Waller said late Thursday he favors beginning rate cuts next month and “fully expects” additional reductions to follow in order to bring policy closer to a neutral stance. The benchmark yield has dropped nearly 20 basis points in August as traders ramped up bets on Fed easing, with markets now assigning an 86% probability of a 25 basis-point cut in September.
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