Better-than-expected jobs and services reports raise concerns Fed will raise rates for longer
Bond yields were mixed on Tuesday after jumping in the previous few sessions following robust economic data.
Two-year U.S. government bond yields,... Bond yields were mixed on Tuesday after jumping in the previous few sessions following robust economic data. Two-year U.S. government bond yields, which are particularly sensitive to monetary policy moves, are up more than 15 basis points from their Friday lows after solid jobs data that day was followed up on Monday by a better-than-expected survey of service sector activity.
Markets are pricing in a 79.4% probability that the Fed will raise interest rates by another 50 basis points to a range of 4.25% to 4.50% after its meeting on December 14th, according to the CME FedWatch tool. The central bank is expected to take its Fed funds rate target to 5.0% by June 2023, according to 30-day Fed Funds futures.
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