Jamie Chisholm is a markets reporter based in London.
Bond yields rose on Wednesday ahead of a 10-year Treasury auction and a slew of Federal Reserve speakers.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, noted that the 10-year yield on Tuesday dipped below technical support levels despite some Federal Reserve officials this week indicating that the central bank’s battle against inflation is not won yet and tightening could continue. “The U.S. 10-year yield fell below its 50-day moving average, the 2-year yield steadied below the 5% mark, and the gap between the two is widening again as the dovish Fed expectations swamp the marketplace following the soft U.S. jobs data released last week and the Fed’s decision to pause for another month,” Ozkardeskaya added.
“It will be interesting to see if investors are willing to extend the duration despite lower yields. While yield curves are now flattening, we remain constructive on steepeners in the mid and long-term,” Saxo said.
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