Treasury yields extend slide as investors gear up for Powell testimony and big week for earnings, data

Yields for long-dated U.S. government debt on Monday were edging lower as investors awaited a batch of important economic reports, notably data on inflation, due later in the week, as well as Federal Reserve Chairman Jerome Powell’s testimony on Capitol Hill on Wednesday.

Fixed-income drivers Yields continue to hold lower even after equity markets on Friday booked a trifecta of record highs. Powell is scheduled to deliver the Fed’s semiannual report to Congress on the state of the U.S. economy starting on Wednesday. Central bank officials have said that they believe pricing pressures will be short-lived. A Fed report out last week indicated that supply-chain bottlenecks are creating inflation that could be “more lasting but temporary.” How investors interpret the term “temporary” might raise some anxieties.

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