U.S. Treasury yields were lower on Monday as investors weighed President-elect Donald Trump's Treasury secretary pick and eyed a key inflation reading due later in the week.hedge fund executive Scott Bessent as Treasury secretaryBessent, the founder of Key Square Group, is expected to back the incoming president's economic goals including gradual tariffs and pro-business policies.
"His nomination was greeted positively by markets worried about the size of the U.S. budget deficit and the inflationary impact of tariffs. Whether he can help get the U.S. to 3% GDP growth and a 3% budget deficit time will tell, but for now, he has changed the market mood, if nothing else."Also in focus this week are some key data points due ahead of a shortened trading week. Markets are closed on Thursday for Thanksgiving and end early on Friday.
A number of economic updates are expected on Wednesday, but investors will especially be looking out for the October personal spending and income release, which contains the personal consumption and expenditure price index, the U.S. Federal Reserve's preferred inflation gauge.
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