Possibility of 9% inflation raises fears of more Fed tightening
U.S. benchmark bond yields fell on Wednesday, though trading was cautious ahead of crucial inflation data that may impact Federal Reserve thinking on the path for interest rates.
A... U.S. benchmark bond yields fell on Wednesday, though trading was cautious ahead of crucial inflation data that may impact Federal Reserve thinking on the path for interest rates. A higher-than-forecast read will raise fears that the Federal Reserve may have to become even more aggressive in hiking interest rates, risking pushing the U.S. economy into recession and forcing longer-duration Treasury yields sharply lower.
Markets are pricing in a 90.6% probability that the Fed will raise interest rates by another 75 basis points to a range of 2.25% to 2.5% after its meeting on 27th July. The central bank is expected to take its borrowing costs to 3.4% by April 2023, according to Fed Funds futures.
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