Bond yields rose on Tuesday as traders bet that easing banking sector angst would allow the Federal Reserve to raise interest rates this week.
What’s happeningWhat’s driving markets A less febrile banking sector is reducing demand for perceived haven assets, pushing up Treasury yields, and adding to the belief that the Federal Reserve can continue to raise interest rates this week as it maintains its battle against inflation.
Markets are pricing in a 83.4% probability that the Fed will raise interest rates by another 25 basis points to a range of 4.75% to 5.0% after its meeting on March 22nd, according to the CME FedWatch tool. The central bank is expected to take its Fed funds rate target to 4.9% by May, and to about 4.5% by August, according to 30-day Fed Funds futures.
U.S. economic data due for release on Tuesday include the February existing home sales report, published at 10 a.m..
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