Treasuries slipped as a Federal Reserve official emphasized that recent US economic data might delay the number of interest-rate cuts seen this year.
“We believe that the current market easing expectations for the Fed still need to adjust,” Win Thin and Elias Haddad, strategists at Brown Brothers Harriman, wrote in a note. “When they do, the dollar should gain even further.” The yen steadied after pulling back from the lowest level since 1990. The Japanese currency had weakened to 151.97, beyond the level at which policymakers stepped in during October 2022.
“Market perception is they have drawn a line in the sand at 152,” said Paresh Upadhyaya, director of fixed income and currency strategy at Amundi Asset Management US. “The key question is their commitment.” ADVERTISEMENT CONTINUE READING BELOW
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