U.S. Treasury yields were little changed on Wednesday as investors looked ahead to a raft of economic data for the week, including a key inflation reading.
At 4:35 a.m. ET, the 10-year Treasury yield was less than a basis point higher to 4.259%, while the 2-year yield was also higher by less than one basis point at 3.651%.
One basis point is equal to 0.01% and yields move inversely to prices.
Investors are still reeling from the shock of U.S. President Donald Trump saying that he’s removing Federal Reserve Governor Lisa Cook from her position on Monday.
Trump announced the move in a letter posted on Truth Social, citing allegations by Federal Housing Finance Agency Director Bill Pulte that she had made false statements on applications for one or more of her home mortgages.
Cook is suing Trump over the firing and has filed a lawsuit challenging the removal by the president.
“President Trump has no authority to remove Federal Reserve Governor Lisa Cook,” Abbe Lowell, her lawyer, said in a statement.
Investors will also monitor a raft of economic data, including the gross domestic product growth rate for the second quarter and July’s pending home sales on Thursday morning.
The big release of the week will be the personal consumption expenditures index, the Fed’s preferred inflation gauge, on Friday, which will offer fresh insights into the health of the U.S. economy.