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The U.S. Treasuries slumped Tuesday ahead of the Federal Reserve interest rate decision, which is scheduled to be released on Wednesday, November 2 by 18:00 GMT, where it is widely expected to leave the Fed fund rate unchanged at 0.25-0.50 percent.
The yield on the benchmark 10-year Treasury note rose nearly 2 basis points to 1.85 percent, the yield on long-term 30-year Treasury climbed 1-1/2 basis points to 2.606 percent and the yield on the short-term 2-year note as bounced nearly 1 basis point to 0.857 percent by 11:10 GMT.
The FOMC meeting is expected to conclude on Wednesday, with the rate announcement at 18:00 GMT. We foresee that the Fed will maintain its current target range at 0.25-0.50 percent, which is widely expected by economists, due to the presidential election next week. We also do not expect any major changes to the FOMC statement, as it was already quite hawkish last time, as it state that the case for a rate hike had 'strengthened'.
Markets now look ahead to ISM manufacturing, construction spending and vehicle sales releases on Tuesday with a looming focus on the October employment report on Friday. As mentioned previously, the October non-farm payrolls could go a long way in helping to set up a 25 basis points hike at the December meeting.
Nevertheless, we expect the ongoing debate over the necessity of policy tightening in the weeks ahead as markets continue to balance further gains in employment alongside what has largely been seen as contained inflationary forces.
Meanwhile, the S&P 500 Futures traded 3.75 points higher at 2,123.75 by 11:10 GMT.
