US Yields Climb Ahead of Fed, ECB Policy Decisions; Investors Eye US Data, Rate Cut Forecasts
• US Treasury yields climbed, with the 10-year note rising to 4.136% and short-term yields dipping slightly • Investors showed little reaction to mixed Richmond Fed data, focusing instead on upcoming ECB and Fed decisions • Fewer expected Fed rate cuts in 2024; forecast lowered by one rate cut to 141 basis points of easing • Focus this week on upcoming US GDP, Jobless Claims, and Core PCE inflation data • If ECB signals higher rates for longer on Thursday, it could boost US yields ahead of next Fed announcement