U.S. Treasury Yields Steady as Markets Await Key Economic Data

U.S. Treasury yields remained relatively unchanged during the Asian trading session as investors anticipate the upcoming quarterly refinancing announcement and the ISM Services PMI data. According to Jin10, analysts surveyed by The Wall Street Journal expect the ISM Services PMI for January to decrease from 54.4 to 53.5. Michael Brown from Pepperstone highlighted that this data will be closely watched, not only due to the significant outperformance of the ISM Manufacturing data earlier in the week but also because the employment sub-index will be a focal point in the absence of the January employment report on Friday. Tradeweb data indicates that the yield on the 10-year U.S. Treasury note rose by 0.3 basis points to 4.274%, while the 30-year Treasury yield remained stable at 4.906%.