U.S Treasury yields fell on Wednesday as investors awaited the Federal Reserve’s latest interest rate decision and guidance on the central bank’s policy path.
Ais widely anticipated. That would be the ninth consecutive interest rate hike and the second quarter-point increase in a row after a series of bigger rate hikes were implemented throughout 2022.
Just a few weeks ago, many investors believed Fed officials would reaccelerate the pace of rate hikes and announce a 50 basis point increase. Fed Chair Jerome Powell hadthan previously expected and indicated that the Fed's efforts to cool the economy were still ongoing. However, the recent turmoil in the banking sector after the failures of Silicon Valley Bank and Signature Bank as well as Credit Suisse's takeover by UBS, shifted investor sentiment. Many now believe that the Fed will favor stability and therefore opt for a smaller rate hike.
Investors will also be looking for guidance about future policy plans, especially regarding rate cuts and their timing.
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