US Treasuries trade range bound ahead of Yellen’s Jackson Hole speech

The US Treasuries saw range bound activity during a relatively quiet Wednesday session light on significant economic data. Investors clear focus remains on Fed Chair Yellen’s Jackson Hole speech on Friday.

The yield on the benchmark 10-year Treasury note rose 1/2 basis point to 1.559 percent, the yield on 5-year note also climbed 1/2 basis point at 1.150 percent and the yield on short-term 2-year note dipped 1/2 basis point at 0.762 percent by 12:30 GMT

In terms of economic data release, the July US Commerce Department new home sales report revealed an increase in the headline measure to 654k (+12.4 percent m/m), above market expectations for a 580k result, highest level in roughly nine years, versus the revised 582k reading that occurred in June (previous was 592k).

Additionally, the preliminary Markit US manufacturing PMI reading decreased to 52.1 for August, versus the 52.9 reading seen for July. This comes in below market expectations for a 53.2 result.

Meanwhile, the S&P 500 Futures traded 0.75 points higher at 2,186 by 12:40 GMT.