The yield on the 10-year US Treasury briefly climbed to 5.29%, marking a 19-year high, according to a ChainCatcher newsflash. Market expectations for a Federal Reserve rate hike in October eased after New York Fed President John Williams said he was "not in a hurry." Saxo Bank said yields have already pulled back, but added that the next move for the US dollar and Treasuries will depend on the US Personal Consumption Expenditures, or PCE, data due later today. The update ties a sharp move in bond yields to shifting rate expectations and puts immediate focus on the upcoming inflation reading as the key macro event to watch.
The yield on the 10-year US Treasury briefly rose to 5.29%, a 19-year high, according to ChainCatcher.
Expectations for an October rate hike cooled after New York Fed President John Williams said he was "not in a hurry." Saxo Bank said yields have since retreated, but noted that tonight's US Personal Consumption Expenditures, or PCE, data will determine the next move for the US dollar and Treasuries.
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