Futures tracking Wall Street's main indexes climbed Tuesday as U.S. Treasury yields retreated following dovish comments from Federal Reserve policymakers overnight, though caution prevailed amid escalating tensions in the Middle East.
Top ranking Fed officials indicated rising yields on long-term U.S. Treasury bonds could steer the central bank from further increases in its short-term policy rate.
"Although the violence in the Middle East is seen as having only a limited fallout for now, it has nevertheless added a new layer of uncertainty ... so the shift in tone from the Fed is much welcome," Raffi Boyadjian, lead investment analyst at forex broker XM, said. Israel said it had reclaimed control of the Gaza border, pounding the enclave with fierce air strikes, as the country called up hundreds of thousands of reservists.
Later in the week, investors will look out for inflation readings including September producer price and consumer price indexes as well as the Fed's September meeting minutes.
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