Bond yields are slipping ahead of CPI data Wednesday, that may seal the deal on another spot of monetary tightening by the Federal Reserve later this month.
What’s happeningWhat’s driving markets Bond yields are slipping further from recent highs as traders jostle for position ahead of consumer price inflation data due Wednesday, that may seal the deal on another spot of monetary tightening by the Federal Reserve later this month.
Markets are pricing in a 95% probability that the Fed will raise interest rates by 25 basis points to a range of 5.25% to 5.50% after its meeting on July 26, according to the CME FedWatch tool. U.K. 2-year gilt yields TMBMKGB-02Y flirted with 15-year highs around the 5.4% mark, after data showed annual growth in employees’ average total pay, which includes bonuses, was 6.9% in the three months to May.
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