Benchmark U.S. bond yields were little changed early Wednesday as traders kept their powder dry ahead of the Federal Reserve policy decision later in the day.
What’s happeningWhat’s driving markets The Federal Reserve will deliver its policy decision at 2 p.m. Eastern, followed half an hour later by a press conference held by Chair Jay Powell.What’s happening What’s driving markets The Federal Reserve will deliver its policy decision at 2 p.m. Eastern, followed half an hour later by a press conference held by Chair Jay Powell.
The chances of a further 25 basis point hike to a range of 5.50% to 5.75% at the September or November meetings are priced at 20.6% and 32.8%, respectively. The central bank is not expected to take its Fed funds rate target back down to around 5% until May 2024, according to 30-day Fed Funds futures. The European Central Bank and Bank of Japan will deliver policy decisions on Thursday and Friday, respectively.
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