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Rates Little Changed Despite Prospect of Fed Taper

FOMC keeps rates unchanged, contemplates taper as soon as November. The FOMC left rates unchanged as expected, but Fed Chair Jerome Powell hinted that the central bank could look to taper its asset purchases as soon as November-  adding that he views the preconditions for a taper as essentially met. In addition, the updated dot
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Rates Steady Ahead of FOMC Decision

Rates little changed ahead of FOMC rate decision, press conference. Swap rates and Treasury yields climbed very modestly on the day, closing little more than a basis point higher ahead of the Fed’s rate decision and Fed Chair Jerome Powell’s press conference tomorrow. The 10-year Treasury yield climbed to 1.32% on the day, and remains
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Rates Fall as Equities Have Worst Day in Eleven-Months

Rates drop, equities decline in broad risk-off move. Swap rates and Treasury yields declined sharply as markets sized up the contagion risk from the potential default of Chinese developer Evergrande, and six separate central banks prepared to make policy rate decisions. Few, if any central banks are expected to make changes to their policy rates,
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Rates Close Out the Week on a High Note

Swap rates and Treasury yields climb higher to end volatile week. Long-term swap rates and Treasury yields climbed 3 basis points on the day to close out a choppy week ahead of next Wednesday’s anticipated FOMC meeting. While the 10-year Treasury yield remains a full 30 basis points off the highs established in late March,
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Rates Rise on Strong Retail Sales

The 10-year U.S. Treasury yield increased 4 bps on the day to close at 1.34%. Swap rates and yields sold-off across the curve after unexpectedly strong August U.S. retail sales data helped temper fears that the COVID delta variant may derail the global economic recovery. U.S. initial jobless claims rose slightly for the week of
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Rates Rise on Strong Manufacturing Data

Rates climb and equities reverse losses as manufacturing activity data tempers pessimism. Swap rates and Treasury yields grinded higher across a steepening curve a day after disappointing CPI figure pulled rates to multiweek lows. Rates, along with equities and other risk assets, were helped higher by resilient manufacturing data and rising crude prices. The 10-year
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Yield Curve Flattens on Moderating CPI

Treasury yields and swap rates fall as inflation data underwhelms. August’s CPI data failed to show a dramatic acceleration in inflation- a necessary precursor to a surprise taper announcement at next week’s FOMC meeting. As a result, swap rates and Treasury yields fell across a flattening curve – the 10-year Treasury yield declining 4 basis
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Yields Fall Ahead of CPI Release

Treasury yields and swap rates pull back ahead of CPI data, but remain in recent range. Swap rates and Treasury yields declined modestly ahead of tomorrow morning’s CPI data, the 10-year Treasury yield falling 1.5 basis points to close at 1.33%. Long-term rates have traded in a 10 basis point range since early August –
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PPI Data Sends Rates Higher to End the Week

Another hot inflation reading pushed swap rates and Treasury yields higher to end the week. Rates have seesawed up and down over the past few sessions, but ended the week higher after PPI data showed input prices rose at an annualized rate of 8.3% in the month of August. The 10-year yield would ultimately climb
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ECB Announcement, Strong Auction Send Rates Lower Once Again

“The lady is not tapering” said European Central Bank President Christine Lagarde after the central bank announced it would reduce the size of its pandemic bond purchase program. Like the Federal Reserve, the ECB has come under pressure to taper its bond purchases in the face of rising inflation and rebounding economic growth. Lagarde’s comments
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