U.S. government debt prices were lower Monday, as investors scaled back their expectations for an aggressive rate cut by the Fed.
Market focus is largely attuned to the U.S. central bank, after a report from the Wall Street Journal
the Fed was likely to cut rates by a quarter-point at the July 30-31 Federal Open Market Committee meeting.by New York Fed President John Williams had boosted expectations the central bank could cut rates by 50 basis points. However, the New York Fed sought to clarify Williams' comments by saying his speech was not about policy action at the upcoming central bank meeting.
The Wall Street Journal report said global growth concerns and ongoing trade uncertainties could prompt the Fed to make further cuts over the coming months. Meanwhile, the U.S. Treasury is set to auction $36 billion in 13-week bills and $36 billion in 26-week bills. Elsewhere, oil prices rose more than 1% on Monday. It comes amid concerns that Iran's seizure of a British tanker last week could lead to supply disruptions in the Middle East.
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