Bond yields fell early Wednesday as oil prices pulled back from recent highs and traders eyed the Federal Reserve's policy decision later in the session.
Bond yields fell early Wednesday as oil prices pulled back from recent highs and traders eyed the Federal Reserve’s policy decision later in the session.
But the 10-year yield remains close to its highest since 2007 as investors await the Federal Reserve’s policy decision, economic projections and interest rate predictions at 2 p.m. Eastern. Fed Chair Jerome Powell will also hold a press conference, starting at 2:30 p.m. The chances of a 25 basis point rate hike to a range of 5.50 to 5.75% at the subsequent meeting in November is priced at 29%. The central bank is not expected to take its Fed funds rate target back down to around 5% until September 2024, according to 30-day Fed Funds futures.
The market on balance still thinks the Bank of England will raise interest rates by another 25 basis points on Thursday, but following the inflation news the chances of it pausing at 5.25% rose from 20% to 31% early Wednesday, according to Reuters.
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