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Powell Says No Rush to Cut Rates; Traders Drop Odds for Fed Rate Cut in Dec to 56%
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US Federal Reserve Chair Jerome Powell stated that the US economy is growing robustly and the Fed does not need to rush to cut rates, according to foreign media. This news led to a significant rise in US Treasury yields. Traders lowered their expectations for a December rate cut. Sensitive to policy changes, the yield on the US two-year Treasury note rose by 1.8 bps to 4.299% overnight (14th). Interest rate swap traders reduced the odds of a December rate cut to about 56%, down from approximately 80% the previous day. AAStocks Financial News |
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