Treasury Yields React to Upcoming Fed Meeting and Economic Data

The yield on the 10-year US Treasury edged higher ahead of the Federal Reserve's Federal Open Market Committee meeting, where a 25-basis point interest rate hike is expected to be announced. Investors are looking for guidance on how long rates will remain elevated and when rate cuts could get underway. The US economy showed slower-than-expected growth in the first quarter, while the personal consumption expenditure index rose. ISM manufacturing data, construction spending, and S&P Global manufacturing PMI are due, with April's nonfarm payrolls report slated for Friday.