Treasury yields dipped on Wednesday as investors awaited the release of U.S. inflation data for clues on the size of a potential interest rate cut from the Federal Reserve next week.

The yield on the 10-year Treasury was nearly 2 basis points lower at 3.627%, with the 2-year Treasury yield down 2 basis points at 3.588%.

Yields and prices move in opposite directions. One basis point is equivalent to 0.01%.

Market participants are anticipating the release of two key inflation reports this week. The U.S. consumer price index (CPI) data for August will be released on Wednesday before market open, while the U.S. producer price index (PPI) report, also for August, is scheduled for release on Thursday.

The reports come ahead of the Fed’s Sept 17-18 meeting, with traders widely expecting a rate cut. The only remaining question appears to be by how much the U.S. central bank will reduce rates.

Some economists have argued the Fed should deliver a half-point rate cut next week, accusing the central bank of having previously gone “too far, too fast” with monetary policy tightening.

Others have described such a move as one that would be “very dangerous” for markets, pushing instead for the Fed to deliver a quarter-point rate cut instead.

Traders are currently pricing in a 67% chance of a 25-basis-point rate cut, with 33% expecting a 50-basis-point rate reduction, according to the CME Group’s FedWatch Tool.

SEATTLE — Manny Machado swung his way into San Diego Padres history Tuesday, lining a two-run shot at T-Mobile Park to set the franchise’s all-time home run record.

The sixth-inning drive off Mariners starter George Kirby gave Machado his 164th home run with San Diego. Friday at Petco Park, Machado had homered twice to reach 163 home runs and match a record Nate Colbert held by himself for a half-century.

It took Machado less than six seasons to climb to the top of the club’s leaderboard. And it recently has taken a significant turnaround; Machado, who underwent offseason elbow surgery, experienced the worst two month start of his career before embarking on what has been a weeks-long hot streak.

The third baseman entered Tuesday hitting .291 with 12 home runs since the All-Star break. His subsequent blast gave him his 26th home run overall in 2024 — and the Padres a 5-2 lead.

San Diego is 24-0 this year when Machado drives in multiple runs.

Machado, 32, is in the second year of an 11-year, $350 million contract he signed before the 2023 season.

Required reading

(Photo of Machado: Alika Jenner / Getty Images)

The Raiders’ offseason and preseason did not solve their near-chronic problems at quarterback.

Their best option?

Pull a Chargers.

That is, lose most of your games at a time when a potent QB class is heading toward the NFL draft.

Admittedly, it takes more than on-field ineptitude. Good luck is needed for the high draft slot to match with a worthy QB or enable a trade up for one.

The Raiders, whose blocking is also suspect, should be able to lose their way into a high draft slot. To add to their draft capital in pursuit of a QB, they could trade receiver Davante Adams later this season.

The next draft-eligible QB class contains interesting prospects. More on them below.

Gardner Minshew is the Raiders’ starting QB. He’s a good backup, but not a long-term starter.

Sunday’s game unraveled for the Raiders soon after Minshew lost his grip on the football with no one threatening him. The Chargers recovered the midgame, midfield, unforced fumble and went on to a 22-10 victory.

The Chargers, in contrast, continued to live a charmed life at the NFL’s most important position.

Justin Herbert, their QB, has been no worse than a top-12 performer since the Chargers lost enough games to draft him as Philip Rivers’ replacement.

For two decades now, the Chargers have displayed a mysterious super-power of losing their way to a high draft slot at a fortuitous time to select QB.

Remember the league-worst season by their ‘03 team?

It handed the draft’s first pick to A.J. Smith, allowing him to choose among such bright QBs as Philip Rivers, Ben Roethlisberger and Eli Manning.

Goofing that up would’ve been difficult, and Smith, to his credit, made the most of the Chargers’ gift. Smith drafted Manning then traded him to the Giants for Rivers and draft picks that were used on kicker Nate Kaeding and linebacker Shawne Merriman.

The Chargers’ messing up and lucking out would continue. The final San Diego team, under-capitalized and ultimately demoralized, lost several close games.

The reward: a chance to draft Patrick Mahomes.

Tom Telesco and John Spanos passed on Mahomes despite the Chiefs fearing they’d stash him behind Philip Rivers, 35.

But whiffing on Mahomes didn’t consign the Chargers to QB oblivion.

Their super-power remained, dangling Herbert to them after the final Rivers-led team lost its way to the No. 6 draft pick. To their credit, Telesco and John Spanos took Herbert.

Drew Brees said it takes good luck for any QB to avoid injury.

How’s this for good luck: Chargers went more than 20 seasons without their franchise QB being unavailable to start a game until Herbert broke a finger late last season.

But these are the Chargers. Their QB luck was great, even when it appeared bad.

Herbert’s absence in effect netted the Chargers the No. 5 slot in a top-heavy draft year and opened the door to hiring coach Jim Harbaugh, a huge upgrade.

With Herbert sidelined, a few other teammates were held out. The Chargers suffered a franchise-worst 63-21 defeat to the Raiders, and the ensuing dismissal of overmatched coach Brandon Staley and Telesco ultimately brought in Harbaugh and former Ravens scout Joe Hortiz.

Harbaugh had played and coached with the Raiders. But they had no QB like Herbert, making the choice an easy one for Harbaugh, if there ever was a choice to be made.

The moral to this story: when it comes to QB luck, good luck keeping up with the Spanoses.

Backward then forward?

None of the 2025 draft-eligible QB prospects appear as promising as the Rivers-Manning-Roethlisberger trio — or Mahomes, Herbert and Joe Burrow.

Texas QB Quinn Ewers, 21, bears watching. Building upon a breakout season, he was impressive Saturday at Ann Arbor. A pair of 22-year-olds, Colorado’s Shedeur Sanders and Georgia’s Carson Beck, could be attractive NFL prospects. Others could emerge.

The Raiders being the Raiders, they may have won too games for their own good last year. They got the 13th pick, only to see an NFL-record six QBs go in the first 12 slots.

Differentiating the franchises beyond QB luck, the Chargers have outdrafted the misfiring Raiders when choosing in the top-20 in recent decades.