ASX to rise, US bond yields surge on Powell rate comments

Treasury yields moved substantially higher both before and after Federal Reserve chairman Jerome Powell’s speech to the National Association of Business Economists in Washington on Monday .

Two-year Treasury yields, which track short-term interest rate expectations, already lifted from 1.94 per cent to above 2.02 per cent prior to Powell’ speech, and have jumped another 10 basis points or so since he started talking, currently at 2.12 per cent, according to NAB. The 10-year yield, which ended last week at 2.15 per cent, is currently more than 15 basis points higher at 2.315 per cent.

The US Fed funds futures now has 42 basis points of tightening priced for May, up from 3.5 basis points at Friday’s close, and 80 basis points over the combined May-June meetings, closing in on the prospect of back-to-back 50 point increases.

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