Two-year bond yields were a touch firmer on Thursday amid cautious trading ahead of the U.S. December consumer price index report due at 8:30 a.m.
Shorter-duration bond yields were firmer on Thursday amid cautious trading ahead of the U.S. December inflation report.
Economists... Shorter-duration bond yields were firmer on Thursday amid cautious trading ahead of the U.S. December inflation report. Economists forecast that headline CPI will have shown a rise of 6.5% from a year ago and that core CPI, which strips out more volatile items like energy and food, will have climbed 5.7%, compared to 6% in November. On a month-on-month basis headline CPI is expected to have dipped 0.1 and core to have risen 0.3%.
Markets are pricing in a 79.2% probability that the Fed will raise interest rates by another 25 basis points to a range of 4.50% to 4.75% after its meeting on February 1st, according to the CME FedWatch tool. The central bank is expected to take its Fed funds rate target to 4.93% by June 2023, according to 30-day Fed Funds futures.
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