Treasury yields retreated from new highs after FOMC 美債收益率自利率決議後的新高小幅回落

Treasury yields retreated from new highs after FOMC

On Friday (9/22), Treasury yields retreated slightly from the highs reached after the Fed released hawkish rate guidance on Wednesday, but still remained at relatively high levels since 2007. The 10-year Treasury yield touched 4.50% in early trading, then fell back to around 4.44%. The 2-year Treasury yield also dropped from a high of 5.20% to around 5.12%. On Friday, Fed officials at different occasions pointed out that further rate hikes may be needed to control inflation. In addition, the U.S. Treasury Department will issue about $134 billions of 5-year and 7-year Treasuries in the following week, which may also put pressure on the Treasury market in the near term.

Officials’ comments
• Fed Governor Michelle Bowman said she favored raising rates for more than once.
• Boston Fed President Susan Collins opted to keep rates high for a longer period of time, and did not rule out the possibility of another rate hike.

Economic data
• The preliminary US Manufacturing PMI for September was 48.9, expected 48, previous value 47.9.
• The preliminary US Services PMI for September was 50.2, expected 50.5, previous value 50.6.
• The preliminary US Composite PMI for September was 50.1, expected 50.2, previous value 50.4.

US Treasury market conditions
• The 2-year US Treasury yield decreased by 3bps to around 5.11%.
• The 10-year US Treasury yield decreased by 6bps to around 4.43%.

美債收益率自利率決議後的新高小幅回落

週五(9/22)美債收益率自聯準會於週三釋出鷹派利率指引後的高點回落,收盤仍維持在2007年以來相對高位,其中10年期公債收益率在早盤觸及4.50%,之後回落至4.44%附近,2年期公債收益率也從5.20%的高點下跌至約5.12%。週五聯準會官員在不同場合指出,可能需要進一步加息,以確保將通膨控制在合理範圍內。此外,未來一週美國財政部將發行約1340億美元的5年期與7年期公債,亦可能在近期對公債市場造成壓力。

官員談話
• 聯準會理事鮑曼 (Michelle Bowman) 表示,傾向再次升息可能不只一次
• 波士頓聯準銀行總裁柯林斯 (Susan Collins) 則認為利率可能要在更長的一段時間內維持高位,同時不排除再次升息的可能

經濟數據
• 美國 9 月 Markit 製造業 PMI 初值為 48.9,預期 48,前值 47.9
• 美國 9 月 Markit 服務業 PMI 初值為 50.2,預期 50.5,前值 50.6
• 美國 9 月 Markit 綜合 PMI 初值為 50.1,預期 50.2,前值 50.4

美債市場狀況
• 2年期美債利率較前日下跌約3bps至約5.11%
• 10年期美債利率較前日下跌約6bps至約4.43%