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U.S. Treasury yields continue upswing ahead of FOMC’s July policy meeting minutes
The U.S. Treasury yields continued upswing during Monday’s afternoon session ahead of few notable releases this week, with the main focus on the Federal Open Market Committee’s (FOMC) end-July monetary policy meeting minutes, scheduled to be released on August 21 by 18:00GMT.
The yield on the benchmark 10-year Treasury yield jumped 7 basis points to 1.610 percent, the super-long 30-year bond yields surged 10-1/2 basis points to 2.107 percent and the yield on the short-term 2-year traded nearly 4-1/2 basis points higher at 1.521 percent by 13:10GMT.
There are several events of note this week, with focus on Wednesday on the FOMC minutes from the end-July meeting, when the Fed cut its FFR target rate by 25bps to 2.00-2.25 percent but offered a less dovish policy statement than had been expected. But the Fed’s Jackson Hole Symposium – focussing on ‘The challenges for monetary policy’ – kicking off Thursday evening, with Chair Powell giving a keynote speech on Friday, will also be watched closely for any further up-to-date insights into policy-makers’ thinking of the growing concerns about the global economic outlook, heightened geopolitical risks and recent moves in global financial markets, Daiwa Capital Markets reported.
Data-wise, following a quiet start to the week, Wednesday will bring existing home sales figures for July, while new home sales data will be published on Friday. Meanwhile, Thursday will see the weekly jobless claims numbers released alongside the flash Markit PMIs and Kansas Fed activity index for August and the Conference Board’s leading indices for July. In the markets, the US Treasury will sell 30Y TIPS on Thursday, the report added.
Meanwhile, the S&P 500 Futures traded 1.07 percent higher at 2,922.12 by 13:15GMT.