U.S. Treasury yields were little changed on Wednesday as investors awaited the latest Federal Reserve interest rate decision and looked to key inflation data.
U.S. Treasury yields were little changed on Wednesday as investors awaited the latest Federal Reserve interest rate decision and policy guidance, and looked to key inflation data., with the latest interest rate decision from the Federal Reserve expected just hours after the consumer price index report for May.
The CPI is estimated to have increased 0.1% in May from the previous month, and to have risen 3.4% on an annual basis. So-called core CPI, which strips out food and energy costs, is expected to reflect a 0.3% gain on a monthly basis and a 3.5% rise from a year ago. This would mean inflation remains firmly above the 2% target set by the Fed. Policymakers have frequently said that they would not cut interest rates until they are confident that inflation is sustainably toward this target.
The Fed is expected to keep interest rates unchanged on Wednesday as its latest meeting concludes. But investors will be closely watching the central bank's guidance and the post-meeting press conference for fresh clues about what the path ahead for interest rates could look like. The central bank is also due to release its quarterly economic projections on Wednesday, which will provide insights into policymakers' expectations for the economy and monetary policy — including how many interest rate cuts they anticipate this year.
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