U.S. Treasurys were mixed on Wednesday as investors digested the latest economic data and considered the outlook for Federal Reserve interest rates.
yield was up by over one basis point to 4.8597%, trading near 16-year highs seen in early October. Meanwhile, theInvestors considered fresh economic data as uncertainty about the path ahead for Fed monetary policy grew in recent weeks., which were published Tuesday, increased by 0.7% for the month. That's far higher than the 0.3% anticipated by economists surveyed by Dow Jones, and indicates resilience from consumers in light of higher interest rates and other economic pressures.
The data brought up renewed concerns over the outlook for interest rates, with some investors viewing it as an indication that rates may be hiked further or at least kept elevated for longer. Markets are still pricing in a 90% chance that rates will remain unchanged when the Fed announces its next monetary decision on Nov. 1, but the probability of a December rate increase rose after Tuesday's data, according to the CME Group'sIn recent days and weeks, various Fed officials have indicated that the central bank may be done hiking, especially as higher Treasury yields are contributing to tighter economic conditions.
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UBS says Treasurys are poised for a powerful rebound as outlook for U.S. stocks dimsJoseph Adinolfi is a markets reporter at MarketWatch.
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