US Treasury yields climb as global inflation data sparks fears; 10-year bond yield rises to 4.320%.
Canadian and Australian inflation data higher than expected, contributing to global yield increases.
Focus shifts to US May PCE report, with expectations of a slight decrease in both headline and core inflation.
US Treasury yields climbed on Wednesday after some countries revealed inflation data, which was higher than expected and increased fears that the upcoming May’s Personal Consumption Expenditure (PCE) Price Index report in the United States could come hot.
Elevated US yields weighed on Gold, pushing prices to a two-week low
On Tuesday, data from Canada showed that inflation came hotter than expected, spurring a jump in global bond yields. On Wednesday, Australia’s Consumer Price Index (CPI) rose to its highest level in six months, peaking at 4%, well above the Reserve Bank of Australia (RBA) inflation goal.
Focus this week will be on the Fed’s preferred gauge for inflation, the May PCE, which is expected to decrease from 2.7% to 2.6 YoY, while core PCE is anticipated to be 2.6% in the twelve months to May, down from 2.8%.
Other significant data releases include the final reading of Q1 2024 Gross Domestic Product (GDP), Durable Goods Orders, and Initial Jobless Claims.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
Hot
No comment on record. Start new comment.