auctions also saw weak demand earlier this week. The US treasuries remained under pressure. The 2-year yield – which best captures the Federal Reserve rate expectations – shortly hit the 5% psychological mark, theThings could get better or worse in the coming hours. The Fed’s Beige Book revealed yesterday that the US economy expanded at a ‘slight or modest’ pace since April, while consumers pushed back against higher prices.
To the Fed, the inflation number will matter more than the growth update as regardless of the deteriorating economic growth, the progress in inflation will determine whether the Fed could remain on path to cut rates this year. Therefore, it will be hard to interpret today’s GDP data before seeing tomorrow’s PCE print. And even then, Citigroup thinks that this week’s data will trigger limited price action; the upcoming US jobs and CPI updates in the next weeks will matter more.
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