Bond yields fell on Wednesday as investors waited to see whether Federal Reserve Chair Jay Powell will give any further clues on likely interest rate...
Bond yields fell on Wednesday as investors waited to see whether Federal Reserve Chair Jay Powell will give any further clues on likely interest rate trajectory at a gathering of central bankers in Portugal.
What’s happening What’s driving markets It is a thin day for top-tier economic data — though advanced retail and wholesale inventories for May are due at 8:30 a.m. Eastern — and so U.S. traders will be casting an eye across the Atlantic to Sintra in Portugal, where the European Central Bank is holding its annual forum on central banking.
Investors will be keen to see if Powell makes any reference to the likelihood of additional interest rate rises, give recent upbeat housing, durable goods and consumer confidence data. The central bank is not expected to take its Fed funds rate target back down to around 5% until spring 2024, according to 30-day Fed Funds futures.
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