In thin summer trading attention is fixed on the U.S. consumer price index report for July, due for release on Wednesday.
Bond yields nudged higher on Tuesday, as traders displayed reticence to buy fixed-income assets ahead of inflation data that may impact Federal Reserve thinking on the path for interest rates.Benchmark... Bond yields nudged higher on Tuesday, as traders displayed reticence to buy fixed-income assets ahead of inflation data that may impact Federal Reserve thinking on the path for interest rates.
But some analysts are wary that even if this occurs, the market may quickly recognize that underlying inflation remains very stubborn. He went on: “In the context of seemingly every Fed official diligently pounding the table that they need to beat up on inflation, how does the Fed justify stepping down in September with an acceleration in core ? It strikes us that such a reaction function would be at odds with the rhetoric”.
Still, there has been some better news on inflationary pressures. The New York Federal Reserve’s monthly survey of consumer expectations for July, published at the start of the week, showed respondents expect inflation to be around 6.2% over the next year and to fall to a rate of 3.2% for the next three years.
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