Two-year Treasury yields held above 5% but 10-year's eased from highs as traders bet rates would be higher for longer ahead of a busy week of economic data.
Two-year Treasury yields held above 5% but longer-duration yields eased further from recent highs as the market priced in interest rates staying higher for longer ahead of a busy week of economic data.
The policy-sensitive 2-year yield is holding around 5% — though the 10-year benchmark is easing back from recent cycle highs above 4.3% — as investors increase bets that the Fed will raise rates again this year and will keep such borrowing costs higher for longer. But the chances of a 25 basis point rate hike to a range of 5.50 to 5.75% at the subsequent meeting in November is priced at 50%, up from 30% a month ago.
U.S. economic updates set for release on Tuesday include the S&P Case-Shiller home price index for June, due at 9 a.m. Eastern, followed at 10 a.m. by the job openings, or JOLTS, survey for July and the August reading on consumer confidence.What are analysts saying “[T]he question of whether we get more hikes will partly be determined by this week’s data, with several important releases coming up,” said Henry Allen, strategist at Deutsche Bank.
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