Treasury prices rose early Wednesday after yields at 16-year highs attracted buyers to bonds.
What’s happening What’s driving markets The 10-year Treasury yield hit a fresh 16-year high of 4.56% on Tuesday — forced up by concerns about increased supply, recent data showing a relatively sturdy U.S. economy, and the latest hawkish comments from Federal Reserve officials.
Until then, markets are pricing in an 81% probability that the Fed will leave interest rates unchanged at a range of 5.25% to 5.50% after its next meeting on November 1, 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 September 2024, according to 30-day Fed Funds futures.
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