The yield on the 2-year Treasury holds steady at one of its highest levels this year ahead of key comments from Federal Reserve Chair Jerome Powell.
The yield on the 2-year Treasury held steady at one of its highest levels this year as of Friday morning, ahead of comments from Federal Reserve Chair Jerome Powell.
What’s happening What’s driving markets Attention will be on Powell’s speech at Jackson Hole, Wyo., at 10:05 a.m. Eastern time, for clues on the Fed’s next possible moves this year and over the longer term. Analysts are expecting Powell to discuss where the Fed sees the so-called neutral rate of interest, the theoretical level of real short-term interest rates that neither stimulates nor restricts the economy, and whether that rate has moved higher.On Thursday, Philadelphia Fed President Patrick Harker, a voting member of the Federal Open Market Committee this year, said he thinks the U.S. central bank has raised interest rates high enough to ultimately bring inflation down, although “we will see.
What analysts are saying “We think Powell’s remarks will emphasize a data-dependent, risk management approach. We also expect him to emphasize the Fed’s commitment to getting inflation to 2%. We do not think he will signal the end of the tightening cycle, nor do we think that he will make any grand pronouncements about a regime shift in interest rates,” said Alex Pelle and Steven Ricchiuto, U.S. economists for Mizuho Securities.
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