Treasury yields fell further Thursday morning, extending a pullback from multi-year highs on fears aggressive central bank monetary tightening in the face of persistent inflation could tilt the economy into recession.
What yields are doing What’s driving the market Treasury yields rose sharply earlier in 2022 in response to surging U.S. inflation, which prompted the Federal Reserve to raise its benchmark interest rate quickly. The Fed last week hiked the fed-funds rate by 75 basis points, or three-quarter of a percentage point — its largest rise since 1994 — after a half-point hike in May and a quarter-point rise in March. The Fed has also started shrinking its balance sheet.
Investors were also keeping an eye on oil futures CL.1 , which have retreated sharply from three-month highs, a decline that if sustained would provide some comfort on worries about headline inflation. Weekly data on U.S. jobless claims is scheduled for 8:30 a.m. ET with first-time applications for unemployment benefits expected to fall to 225,000 in the week ended June 18 from 229,000 the previous week. First-quarter current-account figures are also due at 8:30 a.m.
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