U.S. Treasuries plummet ahead of FOMC Chair Powell’s speech, August JOLTs job openings data

The U.S. Treasuries plummeted during Wednesday’s afternoon session despite a speech by Federal Open Market Committee (FOMC) Chair Jerome Powell, delivered late yesterday, where he concluded to expand the size of the balance sheet very soon.

However, investors will eye anther speech from him today, besides, the JOLTs job openings data for the month of August, scheduled to be released today by 14:00GMT and the FOMC’s October meeting minutes, due at 18:00GMT for further direction in the debt markets.

The yield on the benchmark 10-year Treasury yield surged nearly 2 basis points to 1.556 percent, the super-long 30-year bond yield also gained 1-1/2 basis points to 2.057 percent and the yield on the short-term 2-year traded a tad above 1 basis point up at 1.437 percent by 12:05GMT.

Further clues about the path ahead for Fed policy might emerge from the minutes of last month’s FOMC meeting, due later today. Before then, Powell will be speaking publicly again, this time at a ‘Fed Listens’ event in Kansas City, Daiwa Capital Markets reported.

Today’s dataflow from the major economies is also concentrated in the US, where the August JOLTS jobs numbers as well as wholesale trade and inventories figures, as well as the September Fed monthly budget statement are due, the report added.

Meanwhile, the S&P 500 Futures suffered -0.62 percent to trade at 2,919.62 by 12:10GMT.