Bond markets remained volatile at the short end -- with the 2-year Treasury trading in a 40 basis point range early Tuesday -- as traders waited to see the...
What’s happeningWhat’s driving markets Bond markets remained volatile at the short end — with the 2-year Treasury trading in a 40 basis point range early Tuesday — as traders waited to see the CPI inflation data, due for release at 8:30 a.m. Eastern.
The yield on the 2-year note at one stage plunged more than 60 basis points on Monday, the biggest drop since 1982 according to Bloomberg, as investors piled into short-duration government paper in the belief that the unfolding banking crisis would hit the economy and encourage the Federal Reserve to soon halt its monetary tightening policy.
Markets are pricing in a 73.1% probability that the Fed will raise interest rates by another 25 basis points to a range of 4.75% to 5.0% after its meeting on March 22nd, according to the CME FedWatch tool.
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