Soft economic data from China revived global growth concerns and encouraged buying of government bonds, pushing yields lower.
Bond yields fell on Wednesday after soft economic data from China raised concerns about slowing global growth.Purchasing managers surveys showed manufacturing... Bond yields fell on Wednesday after soft economic data from China raised concerns about slowing global growth.Purchasing managers surveys showed manufacturing in the world’s second biggest economy contracted in May and the service sector expanding at its slowest pace in four months.
Markets are pricing in a 64.7% probability that the Fed will raise interest rates by 25 basis points to 5.25% to 5.50% after its meeting on June 14, according to the CME FedWatch tool. U.S. economic updates set for release on Wednesday include the Chicago Business Barometer for May, due at 9:45 a.m., and the April job openings report at 10 a.m. The Federal Reserve Beige Book of company anecdote will be published at 2 p.m. Eastern.
“At the moment, our baseline is that the Fed remains on hold at the June meeting, but there are clear risks of at least one more hike over the next two meetings.,” said the Deutsche team led by Amy Yang.
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