10-year Treasury yield holds above 4.6% as investors weigh interest rate outlook

was up by less than one basis point to 4.6344%, trading at levels last seen in mid-November of 2023. TheInvestors weighed the path ahead for interest rates as they considered the latest economic data and comments from Federal Reserve officials., which were published Monday, came in far higher than expected at 0.7%, lower than the forecast 0.3%.

Meanwhile, San Francisco Federal Reserve Bank President Mary Daly said there was "no urgency" for the Fed to cut interest rates. "The worst thing to do is act urgently when urgency is not required," she said, speaking at the Stanford Institute for Economic Policy Research. Concerns about rates not being cut for longer than previously anticipated have been growing, and market expectations for when the first rate cut will take place have recently moved backward.

On Tuesday, investors will be following further remarks from Fed policymakers, as well as building permit, housing starts and manufacturing production data.

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