Investors Brace for Inflation Data and Fed Meeting, Treasury Yields Climb

U.S. Treasury yields rose as investors awaited the latest inflation data and the Federal Reserve's upcoming policy meeting and interest rate decision. The 10-year Treasury yield was up by close to two basis points to 3.7646%, while the 2-year Treasury yield was trading more than one basis point higher at 4.6192%. The Fed's meeting will conclude on Wednesday with a decision on whether to pause or continue its rate-hiking campaign, which began in March 2022. Traders are pricing in just a 26.4% chance of rates being increased.