Bond yields held their ground early Wednesday ahead of Federal Reserve's Beige Book.
An earlier version misstated the report coming from the Federal Reserve on Wednesday, which is the Beige Book.What’s happening What’s driving markets Treasury yields were steady early Wednesday, with traders eyeing the release at 2 p.m. Eastern of the Beige Book of economic anecdotes.
Investors also noted that the government bond complex has been pressured by a burst of supply from the corporate sector, with $36 billion of high grade paper sold on Tuesday alone, part of $120 billion of issuance due in September, according to Bloomberg. Markets are pricing in a 93% probability that the Fed will leave interest rates unchanged at a range of 5.25% to 5.50% after its next meeting on September 20, according to the CME FedWatch tool.
The central bank is not expected to take its Fed funds rate target back down to around 5% until July 2024, according to 30-day Fed Funds futures.
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