Bond yields moved higher on Thursday as traders continued to discount debt-ceiling negotiations and Federal Reserve policy trajectory.
What’s happeningWhat’s driving markets Debt-ceiling concerns and Federal Reserve policy continue to impact different parts of the market for U.S. government paper.What’s happening What’s driving markets Debt-ceiling concerns and Federal Reserve policy continue to impact different parts of the market for U.S. government paper.
The prospect of a technical default by the world’s largest economy — possibly as soon as the start of June — saw traders dump Treasury bills maturing on June 1st, pushing yields up to multi-decade highs of 7.226% by late Wednesday, according to Tradeweb data. Markets are pricing in a 66% probability that the Fed will leave interest rates unchanged at a range of 5.0% to 5.25% after its meeting on June 14, according to the CME FedWatch tool.
U.S. economic updates set for release on Thursday include the weekly initial jobless claims data and the second reading of first quarter GDP, both at 8:30 a.m. Eastern. Pending home sales for April will be published at 10 a.m..
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