2-year Treasury yield holds around highest level since 2008

2-year Treasury yield holds around highest level since 2008

2-year Treasury yield holds around highest level since 2008

European Central Bank President Mario Draghi is due to speak later at a conference on financial stability, while the bank's chief economist Peter Praet also chairs a policy panel at a conference. They rose over 1.5 per cent as a weaker euro helped the pan-European STOXX 600 generally too. The Fed, though, has yet to achieve its other objective of stabilizing prices at a 2 percent annual rate.

Click to Enlarge The short-term Treasury bond market is behaving as we would expect in this environment, pushing up to levels not seen since 2008 in anticipation of tighter monetary conditions and higher inflation - which is the outlook the Fed maintains.

Asian markets turned lower Friday as investors cashed in at the end of a mostly positive week while the dollar weakened against its main peers with analysts questioning the chances of a third United States interest rate hike this year.

The recent deadly hurricanes that caused catastrophic damage in two southern USA states might force the Fed to postpone a rate increase until next year, analysts said. That in turn may push bond prices higher.

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"If you model it out, over about the next three years they'll take out about $1.3trn or so". The Fed also announced its plan to reduce its $4.5 trillion balance sheet. The U.S. central bank intends to spend $10 billion less on bonds beginning next month, a figure that will eventually reach $50 billion a month in October 2018. The euro climbed 0.4% to $1.1997, the strongest in more than a week. Inflation has been stubbornly low for years, suggesting the Fed should hold off.

"A rate hike in December seems unlikely given we don't know what the future membership of the Federal Reserve will be in a few months, the debt ceiling debate will be conducted in that month, and we don't know the impact of Hurricane Harvey and Irma", he added.

"It doesn't get any more brazenly hawkish from Dr. Yellen, who along with the majority of her colleagues is clearly in the December rate hike camp and the markets are reacting to this news", said Stephen Innes, head of Asia-Pacific trading at Oanda.

The Federal Reserve on Wednesday maintained its benchmark interest rate at a range of 1% to 1.25%. That neutral rate dropped to 2.9 percent in the new forecast, down from 3 percent in the Fed's June forecast.

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Markets anticipated the balance sheet unwinding and have been quiet so far on Wednesday.

The heavier index, representing all shares, also rose 30 points, or 0.6 percent, to settle at 4,885.00, on a value turnover of almost P8 billion. The Dow Jones industrials fell 0.2 percent to 22,359.23.

Bond yields rose following the Fed's announcement Wednesday.

Unigestion investment manager Olivier Marciot, approved of the clarity in the Fed's meeting minutes: "As expected, the Fed left rates unchanged tonight but finally provided clearer details on how it will start unwinding its big balance sheet".

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The dollar's gains come after a run of losses in recent months as tepid inflation and a lack of movement on Donald Trump's economic agenda in Congress had seen investors bet on no more rate hikes this year. Futures for the Dow and S&P 500 were both flat. The currency briefly jumped by around a half a cent against the US Dollar following reports that foreign minister Boris Johnson could resign if his Brexit demands were not met.

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