US 10-year benchmark bond yields declined 2.2 basis points on the back of surprisingly weak data of US consumer confidence, while awaiting Bernanke's speech on Friday.
by Mario Santa
Washington D.C. - Yields of the US 10-year bonds slid as much as 2.2 points on Tuesday, standing at 1.628% as of 4:04pm GMT dragged by the weaker-than-thought US consumer confidence data for August.
Investors are also looking ahead for the speech of Fed Chairman Ben Bernanke, to be held on Friday, as they are focusing on whether he will point to start another round of quantitative easing.
The US consumer confidence unexpectedly declined to 60.6 points in August, hitting the lowest level in ten months, as Americans were more pessimistic about the economy, according to the Conference Board data released on Tuesday.
Analysts' were expecting the reading of around 65.0 points.
"Consumers were more apprehensive about business and employment prospects, but more optimistic about their financial prospects despite rising inflation expectations," Lynn Franco, director of The Conference Board Consumer Research Center said in a statement.
Markets are awaiting Bernanke's speech held on Friday at an annual meeting of central bankers in Jackson Hole, Wyoming.
Standard & Poor's 500 index rose 0.14% to 1,412.45 points as of 4:16pm GMT on Tuesday.
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