By Sarupya Ganguly BENGALURU (Reuters) - The benchmark U.S. 10-year Treasury note yield has peaked in the current cycle, according to a majority of ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBy Sarupya Ganguly
A near 80% majority, or 23 of 29, who answered an additional question said yields on the 10-year note had already peaked in the current cycle. Bond prices move inversely to yields. "There's a huge degree of uncertainty about the future of base interest rates and what inflation looks like on the other side of the current economic strength," said Guy LeBas, chief fixed income strategist at Janney Montgomery Scott.
That was despite the U.S. economy showing little signs of slowing, and expectations the U.S. Federal Reserve will hold its federal funds rate higher for longer. This could potentially move yields higher, Ren added, a view shared by only a handful of strategists in the poll. The current negative spread between two-year and 10-year yields, a reliable indicator in the past for an oncoming recession, was forecast to stay largely unchanged from around 70 basis points by end-November.
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