{"id":11625,"date":"2023-11-09T12:24:50","date_gmt":"2023-11-09T12:24:50","guid":{"rendered":"https:\/\/infundpros.com\/markets\/treasury-yields-rise-ahead-of-jobs-data-and-powell-comments\/"},"modified":"2023-11-09T12:24:51","modified_gmt":"2023-11-09T12:24:51","slug":"treasury-yields-rise-ahead-of-jobs-data-and-powell-comments","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=11625","title":{"rendered":"Treasury yields rise ahead of jobs data and Powell comments"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002709754\" role=\"document\">\n<p>Bond yields rose early Thursday as traders awaited fresh comment from Fed Chair Jerome Powell, a jobs market update and another U.S. government bond auction.<\/p>\n<h2>What\u2019s happening<\/h2>\n<ul class=\"articleList\">\n<li>\n      The yield on the 2-year Treasury<br \/>\n        BX:TMUBMUSD02Y<br \/>\n       added 1.7 basis points to 4.945%. Yields move in the opposite direction to prices.<\/p>\n<\/li>\n<li>\n      The yield on the 10-year Treasury<br \/>\n        BX:TMUBMUSD10Y<br \/>\n       rose 2.4 basis points to 4.530%.<\/p>\n<\/li>\n<li>\n      The yield on the 30-year Treasury<br \/>\n        BX:TMUBMUSD30Y<br \/>\n       climbed 4.6 basis points to 4.663%.<\/p>\n<\/li>\n<\/ul>\n<h2>What\u2019s driving markets<\/h2>\n<p>Benchmark bond yields were higher, but sat just above six-week lows having fallen sharply of late on signs a cooling jobs market meant the Federal Reserve was finished hiking interest rates, and amid evidence investors can readily absorb the government\u2019s sales of paper.<\/p>\n<div class=\"paywall\">\n<p>Three events on Thursday may test that narrative. First, the weekly initial jobless claims report will be released at 8:30 a.m. Eastern, with bond bulls hoping that the forecast increase to 220,000 from last time\u2019s 217,000 indicates a less robust labor market that will help suppress wage inflation.<\/p>\n<p>Then at 1 p.m. the Treasury will auction $24 billion of 30-year bonds. Here investors will be hoping the sale is as well-received by the market as the previous day\u2019s $40 billion 10-year sale.<\/p>\n<p>Finally, Fed Chair Jerome Powell is expected to make comments at an International Monetary Fund panel on global monetary policy challenges, due at 2 p.m. The main question for the market: Will he push back against the recent easing of monetary conditions?<\/p>\n<p>\u201cU.S. bond traders are getting ahead of themselves, and it\u2019s about to become a serious problem for the Federal Reserve\u2019s \u2018last mile\u2019 efforts \u2013 as the Fed officials should think carefully how to contain a too early and too high optimism from the bond markets \u2013 which will unwantedly loosen the financial conditions in the U.S. before the Fed reaches its 2% inflation goal,\u201d said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.<\/p>\n<p>However, Powell\u2019s colleague at the Chicago Fed, Austan Gollsbee, expressed concern that the central bank must be careful not to let longer-term yields overshoot. Goolsbee said in an interview with the Wall Street Journal that long rates, more than short rates, can have a \u201cvery substantial effect\u201d on the economy.<\/p>\n<p>Ahead of Thursday\u2019s potential catalysts, markets are pricing in a 91 probability that the Fed will leave interest rates unchanged at a range of 5.25% to 5.50% after its next meeting on December 13th, according to the CME FedWatch tool.<\/p>\n<p>The chances of a 25 basis point rate hike to a range of 5.50 to 5.75% at the subsequent meeting at the end of January is priced at 18%. The central bank is not expected to take its Fed funds rate target back down to around 5% until July 2024, according to 30-day Fed Funds futures.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/treasury-yields-rise-ahead-of-jobs-data-and-powell-comments-7f053413?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bond yields rose early Thursday as traders awaited fresh comment from Fed Chair Jerome Powell, a jobs market update and another U.S&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":1200,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":{"0":"post-11625","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - 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