U.S. bond yields decline as traders eye a batch of economic updates, including retail sales.
Treasury yields fell after the Bank of Japan maintained its ultra-loose monetary policy and as traders eyed a batch of economic updates.
What’s happening What’s driving markets The Bank of Japan was the early focus for fixed income investors on Wednesday. Japanese government bond yields plunged after the BoJ surprised the market by not changing its yield curve control policy, maintaining its ultra-loose stance. Markets are pricing in a 93.2% probability that the Fed will raise interest rates by another 25 basis points to a range of 4.50% to 4.75% after its meeting on February 1st, according to the CME FedWatch tool. The central bank is expected to take its Fed funds rate target to 4.9% by June 2023, according to 30-day Fed Funds futures.
Benchmark 10-year bund yields TMBMKDE-10Y were barely changed at 2.087% after data on Wednesday showed eurozone inflation fell from 10.1% in November to 9.2% in December, matching forecasts and an earlier estimate. European Central Bank Governing Council Member Francois Villeroy said the ECB would continue raising rates by 50 basis points, pushing back against reports suggesting it was considering slowing the pace of hikes to 25 basis points at its next meeting.
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