Treasury yields were in rally mode, with thethreatening to make a dash for 16-year highs as investors digest the prospect of the Fed lifting rates again later this year.
The minutes from the Fed’s July meeting, released Wednesday, showing members leaning hawkish continued to reverberate through markets, with some expecting Fed chair Jerome Powell to deliver similar remarks at the Jackson Hole symposium next week. “The backdrop for the speech will still be a Chair who may see glimmers of hope in the recent CPI data but remains concerned over restoring price stability,” UBS said.
“In other words, the FOMC is not out of the inflation woods yet, similar to the tone in the July FOMC meeting minutes,” it added.
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