Tuesday’s climb in yields followed upbeat data releases. The August non-manufacturing PMI from the Institute for Supply Management was registered at 56.9, an increase on the previous month and better than many economists’ expectations of 55.5.
The Fed’s Beige Book on Wednesday showed economic activity little changed and growth outlooks still weak. Its results are used by the Federal Open Market Committee as part of its policy decision making.
Markets remain on the lookout for signs of the Fed’s next steps and whether it will deploy another interest hike to counter rapidly rising inflation at a time of economic slowdown and mounting recession fears.
Tuesday’s positive figures may suggest that the Fed could have room to further raise rates without doing subsequent damage to the U.S. economy.
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Source link: https://www.cnbc.com/2022/09/07/us-treasurys-investors-await-feds-beige-book.html