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The U.S. Treasuries gained during Wednesday’s afternoon session, ahead of the Federal Reserve’s monetary policy meeting, scheduled to be concluded today by 23:30GMT, and the country’s ADP non-farm employment change for the month of July, also due today by 12:15GMT.
The yield on the benchmark 10-year Treasury yield slipped nearly 1-1/2 basis points to 2.049 percent, the super-long 30-year bond yields also fell 1-1/2 basis points to 2.570 percent and the yield on the short-term 2-year traded nearly 2 basis points lower at 1.830 percent by 12:00GMT.
"The main event today will of course by the FOMC announcement, where ere a cut of 25bps is widely expected, taking the FFR target range to 2.00-2.25 percent. While some recent US data have surprised to the upside, we expect the policy statement and Chair Powell to adopt a broadly dovish tone, highlighting underscoring the downside risks to the outlook from abroad and concerns that US inflation will remain below target for far longer than originally anticipated, and therefore leaving the door open for further cuts this year," Daiwa Capital Markets commented in its latest report today.
Meanwhile, the S&P 500 Futures remained tad -0.26 percent lower at 3,017.62 by 12:05GMT.
