Treasury yields fell on Tuesday after weak trade data out of China raised concerns about slowing global growth and encouraged buying of sovereign bonds.
What’s happeningWhat’s driving markets News that China’s exports fell in July by the most since the outbreak of the COVID-19 pandemic in February 2022 has increased fears of a global economic slowdown and sparked a traditional move into government bonds.
There will also be more Fedspeak, with Philadelphia Fed President Harker making comments at 8:15 a.m. and Richmond Fed President Barkin talking at 8:30 a.m. Markets are pricing in an 86% 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 May 2024, according to 30-day Fed Funds futures.
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