U.S. bond yields rose on Monday after Federal Reserve Governor Christopher Waller called for caution on optimism that inflation may have peaked.
What’s happeningWhat’s driving markets In the wake of a huge rally last Thursday following cooler-than-expected inflation data and a closure Friday for the Veterans Day holiday, the U.S. Treasury market returned to action Monday.What’s happening What’s driving markets In the wake of a huge rally last Thursday following cooler-than-expected inflation data and a closure Friday for the Veterans Day holiday, the U.S. Treasury market returned to action Monday.
However, after diving 33 basis points in the previous session, the biggest daily fall since March 2009, the 10-year Treasury yield is retracing a small portion of that move after Federal Reserve Governor Christopher Waller said on Sunday that investors should not get overexcited by one data point. Markets are pricing in an 85% probability that the Fed will raise interest rates by another 50 basis points to a range of 4.25% to 4.50% after its meeting on December 14th, according to the CME FedWatch tool. The central bank is expected to take its Fed funds rate target to 4.9% by June 2023.
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