Yields and prices move in opposite directions and one basis point equals 0.01%.Investors weighed the path ahead for inflation and interest rates as they considered the latest remarks from Federal Reserve policymakers.
A series of Fed officials on Tuesday urged patience when it comes to rate cuts as inflation remains above the Fed's 2% target.showing that inflation and the economy is easing before cutting rates. "The economy now seems to be evolving closer to what the Committee expected," he said. "Nevertheless, in the absence of a significant weakening in the labor market, I need to see several more months of good inflation data before I would be comfortable supporting an easing in the stance of monetary policy."
Fellow Fed officials echoed this sentiment, with Boston Fed President Susan Collins saying patience "really matters" right now, and Atlanta Fed President Raphael Bostic saying he was "not in a hurry to cut rates." On Wednesday, further Fed officials are set to give remarks and minutes from the central bank's latest meeting are due to be released. Existing home sales data for April is also expected.
Source: Loan Digest (loandigest.net)
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