U.S. Treasury yields were little changed on Wednesday as investors awaited the conclusion of the Federal Reserve’s latest meeting.
U.S. Treasury yields were little changed on Wednesday as investors awaited the conclusion of the Federal Reserve's latest meeting and hoped for clues about the interest rate outlook.With the Fed meeting set to end on Wednesday, investors looked to the central bank's monetary policy announcement and the post-meeting press conference by Fed Chair Jerome Powell.
Many are hoping to gain insight into policymakers' expectations for interest rates in the coming months from the press conference and other guidance issued by the Fed after its meeting. Markets are widely expecting rates to remain unchanged at the 5.25% to 5.5% range this month. However, traders are pricing in a September rate cut and are hoping for clues from the Fed about how likely this could be.
Questions also remain over how many rate cuts could be implemented by the Fed this year. After this month's meeting, three more are in the calendar for the central bank in 2024.On Tuesday, the Labor Department's Job Openings and Labor Turnover Survey showed that job openings declined in June, coming in at 8.18 million. The hiring rate hit its highest level in nearly 11 years when excluding data affected by the Covid-19 pandemic.
Additional jobs data is expected Wednesday in form of ADP's private payrolls report. Employment cost and pending home sales figures are also expected Wednesday.Here's everything you need to know about the Fed decision coming Wednesday
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