Treasury yields rose on Wednesday morning, with investors focused on the Russia-Ukraine conflict and Fed Chairman Jerome Powell’s congressional testimony.
The jump in oil prices because of the conflict has led to concerns that this could push up headline inflation, slow the economy, thereby complicating the Fed's plans for normalizing monetary policy.
Powell is due to deliver his semiannual monetary policy testimony to the House at 10 a.m. ET on Wednesday, and then to Senate at the same time on Thursday. The Russia-Ukraine crisis has prompted Wall Street to dial down its expectations for Fed action.that the central bank will be doing more to control inflation at a time when markets expect it will be doing less.
Susannah Streeter, senior investment and markets analyst at U.K. investment platform Hargreaves Lansdown, said on Wednesday that it is now expected that the Fed might not be as aggressive in hiking interest rates this year"with the spectre of stagflation looming, and expectations of a bigger hike at the next meeting are fading away.''
Meanwhile, ADP's February employment change report is slated for release at 8:15 a.m. ET. Mortgage application numbers are due out at 7 a.m. ET.CNBC.com staff contributed to this market report.
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