Futures subdued on relentless rally in Treasury yields
© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange in New York City, U.S., September 26, 2023. REUTERS/Brendan McDermid/File Photo - Futures tracking Wall Street's main indexes were subdued on Wednesday after a spike in long-term U.S. Treasury yields, while investors awaited more clues on the state of the labor market and the likelihood of prolonged restrictive monetary policy.
While the 30-year Treasury yield crossed above 5% for the first time since August 2007, the 10-year and five-year yields hit their highest since 2007.The CBOE volatility index, Wall Street's"fear gauge", briefly hit a five-month high and topped its long-term average of 20. "Markets had become overly confident in pricing a rapid easing of the Federal Reserve's monetary policy," said UBS Global Wealth Management's Chief Investment Officer Mark Haefele, who expects near-term choppy and range-bound trading in equity markets.
The Institute for Supply Management's non-manufacturing Purchasing Managers' Index, S&P Global's final composite and services PMI surveys, factory orders and remarks by Fed policymakers including Chicago President Austan Goolsbee and Board Governor Michelle Bowman will also be monitored during the day.
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