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Treasury yields decreased as traders track economic data, Fed remarks

Treasury yields decreased as traders track economic data, Fed remarks

June 30, 2022-On Wednesday, U.S. Treasury yields slipped as investors continued to assess the economic outlook amid rising recession fears.

The yield on the benchmark 10-year Treasury note was down four basis points to 3.158%, while the work on the 30-year Treasury bond dropped three basis points to 3.277%. Yields move inversely to prices.

As the second quarter draws to a close on Thursday, concerns over a slowing economy and aggressive interest rates are hiking from the Federal Reserve’s dominant market sentiment.

On Wednesday, Federal Reserve Bank of Cleveland President Loretta Mester said she would advocate for a 75 basis point hike to interest rates at the central bank’s July meeting if economic conditions remain the same.

“I haven’t seen the kind of sums on the inflation side that I need to see to think that we can go back to a 50 increase,” she told CNBC.

Fed Chairman Jerome Powell will give a speech at the European Central Bank forum at 9 a.m. ET. Powell acknowledged in a testimony to the Senate banking committee in the previous week that steep rate hikes may tip the U.S. economy into recession but reiterated the central bank’s commitment to reining in inflation.

On Tuesday, an attempted rally for risk assets fizzled out after a disappointing consumer belief reading, arriving at 98.7, less than Dow Jones’ consensus estimates of 100.

The Conference Board’s one-year ahead inflation expectations hit a record high of 8.0%, exceeding the 7.7% caught in June 2008. The Richmond Fed’s manufacturing index came at -19, its lowest since May 2020 and well below consensus expectations of -7.

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