After surging to near 3.4% on fears stubborn inflation will cause the Federal Reserve to aggressively hike rates, the 10-year Treasury yield is trading at 3.2%
Bond yields fell on Thursday as traders waited for more Fed comments and a rate hike from the European Central Bank.
The retreat came despite Fed vice-chair Lael Brainard warning on Wednesday that higher borrowing costs that cool the economy would be necessary “for some time.” “I think Powell will signal that the decision for September hasn’t been made yet, but the Fed will remain data dependent,” Nevruzi said in a note, adding, “I think their base case is probably 75 basis points, but any bet on either direction is a bet on the strength of the CPI”. The consumer price index report for August is due on Tuesday September 13th.
Surveys of European household and business sentiment are already on the floor amid surging power prices that have pushed the bloc’s inflation rate to a record high of 9.1%.
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