Long-dated U.S. Treasury yields hold steady near their highest levels since 2007 and 2011.
Long-dated U.S. Treasury yields held steady near their highest levels since 2007 and 2011 Tuesday morning, ahead of a speech by Federal Reserve Chair Jerome Powell at the end of the week.
Powell’s speech “is likely to reinforce the ‘higher for longer’ message at this week’s Jackson Hole conference, but we don’t expect much commitment to a September hike or much change to the data dependent tone,” said Gennadiy Goldberg, head of U.S. rates strategy at TD Securities in New York. “This will leave incoming data critical. We expect no more rate hikes this year and look for the Fed to start cutting rates starting in March 2024.
Later Tuesday Chicago Fed President Austan Goolsbee and Fed Gov. Michelle Bowman are scheduled to speak at 2:30 p.m. Eastern time.
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