Treasury yields showed little change on Thursday as traders await several Fed speakers throughout the day which could provide direction for the bond market's trading, which has been largely aimless in the last few sessions as investors are tugged between geopolitical concerns and speculation over the new Fed Chairperson.
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What did Treasury yields do?
The 10-year Treasury yield barely budged at 2.330%. The 2-year Treasury note yield was unchanged at 1.479%. The 30-year Treasury bond yield fell half a basis point to 2.873%, from 2.878% on late Wednesday. Bond prices move inversely to yields.
What is driving markets?
Investors grappled with concerns that a Catalan independence vote (http://www.marketwatch.com/story/european-stocks-trade-mixed-as-investors-absorb-catalonia-developments-2017-10-05) could stir further trouble for Spain and the viability of the European Union, as analysts say it could encourage other regional separatist movements to seek a divorce from other eurozone member nations.
Investors continue to gauge who might succeed Janet Yellen as Fed chief when her term at the helm expires in February. While Trump hasn't ruled out reappointing her, most investors expect her to be replaced. Top candidates include Fed Gov. Jerome Powell and Kevin Warsh, a former governor. President Donald Trump on Friday said he would make a decision in the next few weeks.
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Read:Stock market in wait-and-see mode as Trump mulls Fed chair nominee (http://www.marketwatch.com/story/stock-market-in-wait-and-see-mode-as-trump-mulls-fed-chair-nominee-2017-10-04)
What Fed speakers are on the docket?
Powell was scheduled to deliver a speech at the New York Fed on bond market regulation at 9:10 a.m. Eastern. Although his remarks won't focus on economic and monetary policy, investors will monitor his views on financial regulation as a barometer for his chances of becoming the Fed chair.
See: Jerome Powell, in the running for top Fed spot, echoes one of Trump's economic themes (http://www.marketwatch.com/story/jerome-powell-in-the-running-for-top-fed-spot-echoes-one-of-trumps-favorite-economic-themes-2017-10-03)
Philadelphia Fed President Patrick Harker will make a speech at a Fed conference in Austin. at 9:30 a.m. Eastern. Kansas City Fed President Esther George will speak at that same conference on job polarization and the U.S. labor market at that same conference at 4:30 p.m. Eastern.
What economic data are on investor's radar?
(END) Dow Jones Newswires
October 05, 2017 09:22 ET (13:22 GMT)