Bond yields traded lower on Tuesday ahead to next week's US Federal Reserve meeting, where the Fed is widely expected to pause its recent series of interest rate hikes.
In the global market, Treasury yields retreated on Monday after data showed new orders slowed in May, with a measure of prices paid by businesses for inputs falling to a three-year low, suggesting Federal Reserve efforts to tame high inflation are cooling the economy. Furthermore, oil prices rose on Monday following Saudi Arabia’s decision to cut production by one million barrels per day in July.
Back home, the yields on new 10 year Government Stock were trading 1 basis point lower at 6.98% from its previous close of 6.99% on Monday.
The benchmark five-year interest rates were trading 1 basis point lower at 6.90% from its previous close of 6.91% on Monday.