(Bloomberg) -- The effects of a rally in Treasuries spread across Asian markets Thursday, weakening the dollar and supporting the yen as investors prepared...
-- The effects of a rally in Treasuries spread across Asian markets Thursday, weakening the dollar and supporting the yen as investors prepared for Federal Reserve interest-rate cuts later this month.The yield on the 10-year Treasury note fell eight basis points Wednesday, as a slowdown in the US labor market boosted Wall Street’s bets on Fed rate cuts. The move weakened an index of dollar strength, and sent the yen sharply higher.
“The markets may not be as nervous as they were a month ago, but they’re still looking for confirmation the economy isn’t cooling off too much,” said Chris Larkin at E*Trade from Morgan Stanley. “So far this week, they haven’t gotten it.” “Markets seem to see September as a coin flip between 25 and 50 basis points,” said Neil Dutta at Renaissance Macro Research. “I think going 25 basis points risks the same market dynamic as skipping the July meeting. It’ll be fine until the next data point makes investors second guess the decision, fueling bets the Fed is behind the curve. Go 50 when you can, not when you must.”
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