Bond yields inched up to fresh 16-year highs after rising oil prices increased inflation angst.
What’s happening What’s driving markets Oil prices that have moved swiftly to 13-month highs are adding to the upward pressure on bond yields, as traders fret that revived inflationary pressures will cause the Federal Reserve to keep interest rates higher for longer.
Other U.S. economic updates for investors to consider on Thursday, include the weekly jobless claims report and the revision to second-quarter GDP, both due at 8:30 a.m., and pending home sales for August at 10 a.m.. However, expectations of likely Fed policy moves have not shifted too much during that time. Markets are pricing in a 78% probability that the Fed will leave interest rates unchanged at a range of 5.25% to 5.50% after its next meeting on November 1, according to the CME FedWatch tool.
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