U.S. stock futures were a tad firmer on Monday, but caution prevailed as bond yields rose and traders looked ahead to Wednesday's Fed comments.
U.S. stock futures were a tad firmer on Monday, but caution prevailed as bond yields rose and traders looked ahead to Wednesday’s conclusion of a Federal Reserve policy meeting.
What’s driving markets Stocks were struggling to rebound from their latest sharp sell-off as benchmark bond yields inched back toward 16-year highs and investors eyed a busy week of central bank action. Treasurys were reflecting these concerns, with 10-year implied borrowing costs BX:TMUBMUSD10Y climbing to 4.353%, a fraction off their highest since 2007. U.S. crude futures CL.1, +1.24% traded above $91 a barrel, the most expensive since last November.
A clue to how central banks view these developments will be provided during the week. The Federal Reserve will deliver its policy decision midweek, followed by the Bank of England on Thursday and the Bank of Japan Friday, local dates.“The Fed decision on Wednesday is fully expected to result in a no-change decision, but crucially the accompanying comments should give something of an insight into its current thinking,” said Richard Hunter, head of markets at Interactive Investor.
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