Bond yields rose on Monday after some hawkish Fedspeak over the weekend.
What’s happeningWhat’s driving markets Yields are moving higher after some relatively hawkish talk from Federal Reserve Governor Michelle Bowman on Saturday, in which she said the central bank will likely need to raise interest rates even higher to bring inflation down to tolerable levels.
Markets are pricing in an 85% probability that the Fed will leave interest rates unchanged at a range of 5.25% to 5.50% after its next meeting on September 20, according to the CME FedWatch tool. The central bank is not expected to take its Fed funds rate target back down to around 5% until May 2024, according to 30-day Fed Funds futures.
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