A calmer mood in markets -- after the Swiss central bank moved to support beleaguered bank Credit Suisse -- is curtailing demand for sovereign debt havens.
Bond yields rose on Thursday as tensions eased in the European banking sector and traders waited for the European Central Bank’s decision on interest rates.
What’s happening What’s driving markets A calmer mood in markets — after the Swiss central bank moved to support beleaguered bank Credit Suisse CSGN — is curtailing demand for sovereign debt havens, pushing yields higher. Up until a week or so ago, the ECB was expected to raise its benchmark borrowing cost by 50 basis points to 3% . Now traders think a 25 basis point hike is more likely.
The central bank is expected to take its Fed funds rate target to 4.88% by May 2023, according to 30-day Fed Funds futures.
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