Treasuries Steady Ahead of Federal Reserve, Refunding Outcomes
Treasuries broadly held on to the prior day’s strong gains ahead of the Federal Reserve’s monetary-policy outcome and a closely-watched quarterly refunding announcement.
Yields on US 10-year debt edged one basis point higher to 4.33%, following the biggest slump in eight weeks on Tuesday. Money markets and economists surveyed by Bloomberg expect the Fed to keep interest rates in a 4.25% to 4.5% range, while swaps imply 15 basis points of easing in September and 45 basis points by year-end.