US 10Y TREASURY: waits for PCE data
As there has not been currently important macro data posted during the previous week, the investors were weighing comments from Fed officials on a potential course of action when interest rates are in question. In this sense, Mary Daly, Fed President of San Francisco, noted her hopes for more data which would indicate that the inflation is on its way to the 2% target. She commented on some good progress in this direction, but concluded that “we are not there yet”. Fed Governor Christopher Waller also commented on the potential for rate cuts in a similar manner. Fed Chair Powell should also be mentioned in this context, as he noted that the first rate cut will occur before the inflation reaches the 2% target.
The 10Y benchmark Treasury yields continued to trade with a downtrend during the first half of the week, reaching the lowest weekly level at 4.14%. The second half of the week they reverted a bit to the upside, ending the week at the level of 4.24%. The US PCE data are set for a release during the week ahead, which would most certainly bring some higher volatility to the Treasury yields. As per current charts, there is some probability that the level of 4.3% could be tested, however, the long term perspective of the yields is to the downside.
The 10Y benchmark Treasury yields continued to trade with a downtrend during the first half of the week, reaching the lowest weekly level at 4.14%. The second half of the week they reverted a bit to the upside, ending the week at the level of 4.24%. The US PCE data are set for a release during the week ahead, which would most certainly bring some higher volatility to the Treasury yields. As per current charts, there is some probability that the level of 4.3% could be tested, however, the long term perspective of the yields is to the downside.
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