Bond yields slipped on Tuesday as traders awaited a key reading on inflation.
What’s happeningWhat’s driving markets The Labor Department is set to release the consumer price index for August at 8:30 a.m. Eastern, with economists polled by The Wall Street Journal expecting a 0.1% decline for the headline but a 0.3% rise for the core. Economists expect the year-over-year CPI level to dip to 8% from 8.5%.What’s happening What’s driving markets The Labor Department is set to release the consumer price index for August at 8:30 a.m.
“With [St. Louis Fed President James] Bullard mentioning on Friday that a miss in CPI shouldn’t change the decision for September, I wonder if the balance of risks is skewed to an upside rather than a downside in short yields on this release,” said strategists at NatWest led by Jan Nevruzi. “If CPI underwhelms , market has already priced in the 75bp and I think the Fed would be happy to take advantage of the pricing.
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