Bond yields were little changed and holding at their lowest in a week as traders eyed a speech by Fed Chair Jerome Powell on Friday.
What’s happening What’s driving markets Benchmark Treasury yields are holding their lowest levels in a week after surveys from the U.S. and Europe, released Wednesday, pointed to sharper than expected slowdown in economic activity across developed nations.
Ahead of Powell’s comment, markets are pricing in an 87% probability that the Fed will leave interest rates unchanged at a range of 5.25% to 5.50% after its next meeting on September 20, according to the CME FedWatch tool. The central bank is not expected to take its Fed funds rate target back down to around 5% until June 2024, according to 30-day Fed Funds futures.
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