U.S. Treasury yields were lower on Wednesday as investors awaited the Fed’s latest interest rate decision and guidance about monetary policy and the economy.
U.S. Treasury yields were lower on Wednesday as investors awaited the Federal Reserve's latest interest rate decision and guidance about monetary policy and the economy.Yields and prices move in opposite directions and one basis point is equivalent to 0.01%.
The Federal Reserve's latest interest rate decision is expected Wednesday, and investors are widely anticipating rates to be left unchanged. The central bank is also due to announce its economic and unofficial interest rate projections for the coming years. Fed Chairman Jerome Powell is expected to give a press conference after the meeting to discuss policymakers' expectations.
Investors are hoping to gain clarity about when interest rates may be cut, which the Fed has so far given little indication about, and how often they could be cut this year. So far, the Fed has said that it estimates three cuts will take place, but there is concern among investors that this figure could be lower.
Recent economic data indicating that inflation may be more persistent than hoped for also added to uncertainty about the interest rate outlook.Fed policymakers have said that they are looking for more data to provide them with evidence about inflation moving back toward the 2% target, andon Wednesday indicated that June's economic data would be key for policymaker's interest rate decision-making and that they would consider interest rate cuts then.
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