The benchmark Treasury yield hit a fresh 16-year peak early Tuesday in choppy trading as Fed rate hike comments continued to be absorbed.
What’s happening What’s driving markets Lingering concerns that the Federal Reserve will raise interest rates further, and keep them elevated for longer — following last week’s Federal Reserve projections and recent hawkish chatter from officials — pushed the 10-year Treasury yield to a fresh 16-year high near 4.57% early Tuesday.
Traders are looking ahead to the Fed’s favored inflation gauge, the core PCE price index, which will be published on Friday. The chances of a 25 basis point rate hike to a range of 5.50 to 5.75% at the subsequent meeting in December is priced at 35%. U.S. economic updates set for release on Tuesday include the S&P Case-Shiller home price index for July, released at 9 a.m. Eastern, followed at 10 a.m. by August new home sales and September consumer confidence.
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