Jamie Chisholm is a markets reporter based in London.
Bond yields fell on Wednesday as traders awaited an announcement on the Treasury’s fourth-quarter bond auction program and the Federal Reserve’s latest monetary policy decision.
The Treasury will announce at 8:30 a.m. Eastern its bond issuance program for the fourth quarter. Fixed income investors have become more concerned in recent months that the U.S. government will need to sell increasingly more debt to fund its growing budget deficit. The Federal Reserve at 2 p.m. will announce its monetary policy decision. Markets are pricing in a 99.7% probability that the Fed will leave interest rates unchanged at a range of 5.25% to 5.50%, according to the CME FedWatch tool.
U.S. economic updates set for release on Wednesday include the ADP private sector employment report for October at 8:15 a.m., the October S&P manufacturing PMI survey at 9:45 a.m., the JOLTS report for September alongside the ISM manufacturing report for October and September construction spending at 10 a.m..
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