Treasury yields rise amid signs of easing COVID restrictions in China and as traders absorb a stronger-than-expected U.S. jobs report.
Treasury yields rose Monday amid signs of easing COVID restrictions in China and as traders continued to absorb a stronger-than-expected U.S. jobs report.
However,... Treasury yields rose Monday amid signs of easing COVID restrictions in China and as traders continued to absorb a stronger-than-expected U.S. jobs report. However, a robust U.S. jobs report on Friday has called into question market expectations that the Fed will be able to stop raising borrowing cost by spring 2023 as it seeks to cool the economy.
Markets are pricing in a 79% probability that the Fed will raise interest rates by another 50 basis points to a range of 4.25% to 4.50% after its meeting on December 14th, according to the CME FedWatch tool. The central bank is expected to take its Fed funds rate target to 5.05% by May 2023, according to 30-day Fed Funds futures.
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