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Free AccessPressured By 3-Month High In US Tsy 10-Year Yield
Gold is steady in Asia-Pac trading, after slumping 0.5% in the previous session, as higher US tsy yields pressured non-interest-bearing bullion. The 10-year US tsy yield finished 8bp higher at 3.93% after reaching a fresh 3-month high of 3.95%. This move largely came prior to the release of the FOMC minutes of the June meeting, which offered few surprises.
- There was little reaction to the release of the FOMC minutes of the June meeting. "Almost all participants noted that in their economic projections that they judged that additional increases in the target federal funds rate during 2023 would be appropriate," the report said. “Some participants indicated that they favoured raising the target range for the federal funds rate 25 basis points at this meeting or that they could have supported such a proposal.”
- A July hike from the Fed is close to fully priced (circa 22bp), though markets are more circumspect on the policy outlook thereafter, with a cumulative 33bp priced out to November.
- Attention now turns to employment data (ADP later today and Non-Farm Payrolls on Friday).
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.