{"id":46338,"date":"2023-08-09T10:39:11","date_gmt":"2023-08-09T14:39:11","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/treasury-yields-hold-steady-as-china-sees-deflation-traders-await-thursdays-u-s-inflation-data\/"},"modified":"2023-08-09T10:39:13","modified_gmt":"2023-08-09T14:39:13","slug":"treasury-yields-hold-steady-as-china-sees-deflation-traders-await-thursdays-u-s-inflation-data","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=46338","title":{"rendered":"Treasury yields hold steady as China sees deflation, traders await Thursday\u2019s U.S. inflation data"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002379930\" role=\"document\">\n<p>Treasury yields were little changed Wednesday morning as investors assessed signs of deflation in China and its impact on the U.S.  economy. <\/p>\n<h2>What\u2019s happening<\/h2>\n<ul class=\"articleList\">\n<li>\n      The yield on the 2-year Treasury<br \/>\n        BX:TMUBMUSD02Y<br \/>\n       advanced less than 1 basis point to 4.762% from 4.756% on Tuesday.<\/p>\n<\/li>\n<li>\n      The yield on the 10-year Treasury<br \/>\n        BX:TMUBMUSD10Y<br \/>\n       was little changed at  4.023% versus 4.024% Tuesday afternoon.<\/p>\n<\/li>\n<li>\n      The yield on the 30-year Treasury<br \/>\n        BX:TMUBMUSD30Y<br \/>\n       slipped 1.2 basis points to 4.192% from 4.204% late Tuesday.<\/p>\n<\/li>\n<\/ul>\n<h2>What\u2019s driving markets<\/h2>\n<p>Treasury yields held steady as traders awaited the July consumer price index data, due on Thursday. Economists polled by The Wall Street Journal expect the data to produce a 3.3% annual headline CPI rate for last month, versus 3% in June, and a core rate over the past 12 months of 4.7% versus 4.8% previously.<\/p>\n<p>Helping to keep yields in check on Wednesday was data from China, where consumer prices fell for the first time in more than two years, or by 0.3% from a year earlier in July, while factory gate prices fell 4.4%.<\/p>\n<div class=\"paywall\">\n<p>Markets are pricing in an 86.5% probability that the Fed will leave interest rates unchanged at a range of 5.25%-5.5% on Sept. 20, according to the CME FedWatch Tool. The chances of a 25-basis-point rate hike to a range of 5.5%-5.75% at the subsequent meeting in November is priced at 26.3%.<\/p>\n<p>The central bank is mostly expected to take its fed funds rate target back down to around 5% or lower next May.<\/p>\n<p>There are no U.S. major economic updates on Wednesday.  The Treasury will auction $38 billion of 10-year notes at 1 p.m. Eastern.<\/p>\n<h2>What analysts are saying<\/h2>\n<p>\u201cThe 10-year auction today will provide another pre-CPI litmus test for the market\u2019s appetite to buy the increased issuance,\u201d said Will Compernolle, macro strategist at FHN Financial in New York. <\/p>\n<p>\u201cUST yields are steady so far this morning, only modestly reacting to inflation (correction: deflation) data out of\u00a0China\u00a0that suggests lower costs for U.S. imported goods prices (PPI fell 4.4% year-on-year) and cooler global demand (CPI fell 0.3% year-on-year),\u201d he wrote in a note.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/treasury-yields-a-touch-softer-as-china-sees-deflation-and-traders-eye-u-s-prices-data-in-coming-days-d1de480?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Treasury yields were little changed Wednesday morning as investors assessed signs of deflation in China and its impact on the U.S. economy. What\u2019s happening The yield on the 2-year Treasury BX:TMUBMUSD02Y advanced less than 1 basis point to 4.762% from 4.756% on Tuesday. The yield on the 10-year Treasury BX:TMUBMUSD10Y was little changed at 4.023% [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1898,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-46338","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Treasury yields hold steady as China sees deflation, traders await Thursday\u2019s U.S. inflation data | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Treasury yields were little changed Wednesday morning as investors assessed signs of deflation in China and its impact on the U.S. economy. 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