Treasury yields and the dollar hit multi-month lows on Wednesday after a U.S. Federal Reserve official made fresh hints of interest rate cuts, while stocks were mixed globally.
A trader works at his desk at the stock exchange in Frankfurt, Germany © Reuters/Kai Pfaffenbach
Treasury yields and the dollar hit multi-month lows on Wednesday after a U.S. Federal Reserve official made fresh hints of interest rate cuts, while stocks were mixed globally.
Fed funds futures rallied on the remarks to price in more than hundred basis points (bps) of cuts in 2024 and a 40% chance they begin as soon as March. Two-year Treasury yields fell sharply and touched fresh lows in the Asia session.
The two-year yield hit its lowest since mid-July at 4.69% and the benchmark 10-year yield fell 6 bps to its lowest since September at 4.28%.
Euro zone sovereign bond yields also fell and markets increased bets on policy rate cuts after data from North Rhine-Westphalia, Germany's most populous state, supported expectations for a drop in German inflation.
The dollar was last down 0.1% at 147.33 yen, having earlier in the day traded at its lowest since Sept. 12 at 146.68. It touched a 3-1/2 month low at $1.1017 per euro. [FRX/]
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