10-year Treasury yield falls as investors look ahead to key GDP, jobs reports

The 10-year Treasury yield fell on Monday as investors look ahead to an active week of economic data, including readings on jobs, economic growth and inflation.

The benchmark 10-year Treasury yield pulled back more than 5 basis points to 4.21%, while the 2-year Treasury yield was down more than 7 basis points at 3.685%.

One basis point equals 0.01%. Yields and prices move in opposite directions.

Investors are anticipating a series of economic data this week that start to show how companies and consumers were preparing for higher tariffs, while also keeping a close eye on President Donald Trump’s fast-changing trade policies.

Treasury Secretary Scott Bessent on Monday put the responsibility for reaching a trade agreement on China. “It is up to China to de-escalate because they sell five times more to us than we sell to them, and so these 120%, 145% tariffs are unsustainable,” Bessent said during an interview on CNBC’s “Squawk Box.”

Investors have watched as Trump has repeatedly changed his mind on trade policy over the past month, recently indicating that tariffs on China may come down. U.S. levies on China currently stand at 145%.

But comments from Trump published by Time magazine on Friday showed the president considering implementation of U.S. tariffs of 20% to 50% on foreign goods by this time next year a “total victory.”

Trump’s comments dampened investor sentiment over hopes for a U.S.-China trade deal. Now, they will look to economic data this week to get a sense of the health of the U.S. economy.

The Job Openings and Labor Turnover Survey for March on Tuesday and first-quarter gross domestic product on Wednesday will show how the economy was performing ahead of the trade turmoil.

Also on Wednesday, the market will get data on personal income and spending as well as the personal consumption expenditures price index, the Fed’s favorite measurement of inflation. Additionally, payrolls processing firm ADP will release its count on private sector job growth.

Later in the week, the ISM manufacturing survey for April will be released Thursday, and nonfarm payrolls data for April, which will reveal the current state of the labor market, is due out Friday.

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