By Edward Bolingbroke & Elizabeth Stanton Bond traders are stepping up short bets against Treasuries and buying derivatives to protect against a selloff, positioning for the risk that the Federal Reserve will dial back the market’s expectations for interest-rate cuts this year.
Bond traders are stepping up short bets against Treasuries and buying derivatives to protect against a selloff, positioning for the risk that the Federal Reserve will dial back the market’s expectations for interest-rate cuts this year.
“The bond market is bracing for a hawkish Fed message Wednesday,” Bryce Doty, senior portfolio manager at Sit Investment Associates, said in a note to clients. Tom Simons, a senior economist with Jefferies, said he expects the median policymakers’ forecast will peg the benchmark rate at about 4.88 percent by the end of the year, implying just two quarter-point cuts. He said that would address some of the easing of financial conditions this year, evidenced by the rally in the stock market.
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