Benchmark Treasury yields were little changed Monday, holding near cycle highs as traders eye inflation data midweek.
What’s happeningWhat’s driving markets Treasury yields were holding near recent highs as investors continued to price in more interest rate rises by the Federal Reserve amid signs the U.S. economy so far seems little damaged by the central bank’s sharp tightening of policy over the past year or so.What’s happening What’s driving markets Treasury yields were holding near recent highs as investors continued to price in more interest rate rises by the Federal Reserve amid signs the U.S.
Markets are pricing in a 92% probability that the Fed will raise interest rates by 25 basis points to a range of 5.25% to 5.50% after its meeting on July 26, according to the CME FedWatch tool. These figures may change if the consumer price index report due Wednesday shows inflation for June diverging notably from the 3.1% forecast.
News that China’s consumer price inflation is zero and factory gate prices are deflating more than expected appear to have had little impact on the wider fixed income market on Monday.
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