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The US Treasuries continue to trade lower after the Bank of England kept its policy rate unchanged at 0.5 percent. Also, expectations of new stimulus in Japan lowered demand for safe-haven assets.
The yield on the benchmark 10-year Treasury note rose nearly 6 basis points to 1.525 percent and the yield on short-term 2-year note also jumped 2 basis point to 0.690 percent by 12:00 GMT.
The Bank of England (BoE) left its official bank rate unchanged at 0.5 percent, despite Governor Mark Carney’s earlier announcement of his intention to inject monetary stimulus due to rising market turmoil after the UK left the European Union last month. Therefore, this raises the possibilities that the central bank will cut in August policy meeting.
Moreover, the Philadelphia President of the Federal Reserve, Patrick Harker said that he sees up to 2 rate hikes this year, slightly downgraded from his May prediction. Said that he sees rates approaching 3 percent by end-2018 and Brexit effect is low on his list of risks.
He further added that June US jobs report largely arrests fears of labour market slowdown and US economy appears solid, Q1 weakness largely due to seasonal adjustments. Lastly, he expects 2 percent inflation and 2.3 percent GDP growth in 2017, he added.
Investors now look ahead to jobless claims and producer prices data on Thursday, ahead of a flurry of releases scheduled for Friday (retail sales, CPI, Empire manufacturing, industrial production/capacity utilization, business inventories and University of Michigan consumer sentiment).
Meanwhile, the S&P 500 Futures rose 18 points to 2,164 by 12:00 GMT.
