US bond yields edged to the relatively high before FOMC
On Friday (9/15), treasury yields increased slightly, with the 2-year above 5% and the 10-year near its 15-year high once again. US economy shows resilience recently, while inflation remains significantly above target. The market expected the Fed to keep interest rates unchanged at a high level this month, and this higher-rate environment is also expected for an extended period. According to a survey from the University of Michigan, consumer confidence in September fell further from the near-2-year high in July, and consumers anticipate the inflation to be lower over the next year.
Economic data
• US University of Michigan Consumer Confidence Index for September: 67.7 (Expected: 69.1, Previous: 69.5)
• US University of Michigan Inflation Expectations for September: 3.1% (Previous: 3.5%)
• US Industrial Production MoM for August: 0.4% (Expected: 0.1%, Previous: 0.7%)
• US Industrial Production YoY for August: 0.2% (Previous: 0%)
US Treasury market conditions
• The 2-year US Treasury yield increased by 2bps to around 5.03%.
• The 10-year US Treasury yield increased by 3bps to near 4.32%.
利率決議之前，美債利率升至相對高位
週五（9/15）美國公債收益率略微上升，其中2年期公債超過5%，10年期公債再度接近15年高點。近期數據顯示，美國經濟表現具韌性，而通膨仍遠高於目標。市場預期九月聯準會將保持利率在高位不變，但高利率環境將持續較長一段時間。據密西根大學調查報告顯示，9月消費者信心自7月的高點再度下滑，且消費者預期通膨將在未來一年減弱。
經濟數據
• 美國 9 月密大消費者信心指數為 67.7，預期 69.1，前值 69.5
• 美國 9 月密大通膨預期為3.1%，前值 3.5%
• 美國 8月工業生產月增率為 0.4%，預期 0.1%，前值 0.7%
• 美國 8月工業生產年增率為 0.2%，前值 0%
美債市場狀況
• 2年期美債利率較前日上升約2bps至約5.03%
• 10年期美債利率較前日上升約3bps至約4.32%