Bond yields rose on Tuesday as revived inflation angst trumped concerns of a slowing global economy.
What’s happening What’s driving markets A batch of weak economic data was shrugged off by fixed-income traders, with bond yields moving higher as inflation concerns held sway.
However, benchmark Treasury yields moved higher as investors focused on last Friday’s nonfarm payrolls report that showed the U.S. labor market still in good health, and comments from Cleveland Federal Reserve President Loretta Mester, who said inflation remained too high. Markets are pricing in a 93% probability that the Fed will leave interest rates unchanged at a range of 5.25% to 5.50% after its next meeting on September 20, according to the CME FedWatch tool.
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