MW Bond yields creep back up after 2-year yield's biggest drop since March
By Barbara Kollmeyer
Treasury yields were pushing higher on Friday, a day after signs of more slowing inflation sent them tumbling.
What happened
What's driving markets
Treasury yields were rising some on Friday, a day after they tumbled, as fresh data showed more signs of easing inflation in the economy, with both producer and consumer prices coming in better than expected this week.
Markets were pricing in a 94.9% probability that the Fed will raise interest rates by 25 basis points to a range of 5.25%-5.5% on July 26, according to the CME FedWatch tool.
St. Louis Federal Reserve President James Bullard and a prominent hawkish member, said Thursday that he has stepped down from his position at the regional Fed bank and will next month begin working as the first dean of the new business school at Purdue University in Indiana.
And one more batch of data is ahead, with import prices for June due at 8:30 a.m. Eastern, with preliminary consumer sentiment for July at 10 a.m.
Investors were turning their attention to the start of second-quarter earnings season on Friday with JPMorgan Chase & Co. $(JPM)$ and Wells Fargo & Co. $(WFC)$ both reporting market-pleasing results. Shares of both companies were climbing.
-Barbara Kollmeyer
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(END) Dow Jones Newswires
July 14, 2023 07:39 ET (11:39 GMT)
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