The Fed has been winding down its purchases of Treasury securities and has said rate hikes are unlikely until that process is set to conclude by mid-March. Before the January jobs data -- which also showed a bigger-than-expected jump in wage growth -- interest-rate futures were pricing in four quarter-point rate increases this year, beginning in March. By the end of the day they priced in near-even odds of a half-point move in March, the first since 2000, and more than five quarter-point increases by year-end.
Long-dated yields face near-term upward pressure from next week’s auctions of 10- and 30-year Treasuries, which will determine coupon rates for securities maturing in February 2032 and February 2062. The 10-year note’s is less than 10 basis points below the level needed to obtain a 2% coupon rate. The 30-year auction carries additional baggage -- the last new 30-year auction in November drew historically weak demand.
發表於 2022-2-6 08:53:12
收藏
樓主