Yields across the curve rose sharply after a weak 30-year bond auction and hawkish remarks from Fed Chairman Powell.
On Thursday (11/9), Fed Chairman Powell said the Fed is not ready to stop raising interest rates, cooling the market’s expectations for the end of the rate hiking cycle. In addition, the 30-year US Treasury auction results came in weaker than expectations, pushing up the yields of various maturities by 9~12bps. The 2-year US Treasury yield, which is sensitive to interest rates, rose 9bps to 5.02%, returning above 5%. The 10-year US Treasury yield jumped 13bps to 4.62%. On the economic data front, the claims for jobless benefits showed signs of a slowdown in the labor market.
Remarks by officials
• Fed Chairman Jerome Powell said in a speech at the International Monetary Fund meeting that the Fed will continue to act cautiously and tighten monetary policy decisively if the timing is right.
• Fed Governor Michelle Bowman said she expects the Fed will need to raise interest rates several more times to bring inflation back to its 2% target.
Economic data
• US Initial Jobless Claims for the last week: 217,000 (Expected: 215,000, Revised Previous: 220,000)
• US Continuing Jobless Claims for the last week: 1,834,000 (Expected: 1,820,000, Revised Previous: 1,812,000)
US Treasury market conditions
• The 2-year US Treasury yield increased 9bps to around 5.02%.
• The 10-year US Treasury yield increased 13bps to around 4.62%.
30年期美債拍賣結果不佳，加上聯準會主席鮑爾的鷹派言論，殖利率全線大幅走高
週四（11/9）聯準會主席鮑爾表示聯準會還不準備停止升息，使市場對升息循環結束的預期降溫，加上30年期美債標售結果不如預期，各天期美債收益率上彈9~12bps不等，其中對利率敏感的2年期美債收益率上彈9bps至5.02%，回到5%之上，10年期美債收益率則是上彈13bps至4.62%。經濟數據方面，申請失業金人數顯示勞動市場有放緩跡象。
官員談話
• 美國聯儲會主席鮑爾（Jerome Powell）在國際貨幣基金組織會議發表談話表示，聯準會將持續謹慎行事，如果時機合適，將果斷進一步收緊貨幣政策。
• 聯準會理事鮑曼 (Michelle Bowman) 表示，她預計聯準會有必要繼續多次升息，以使通膨率回落至 2% 目標。
經濟數據
• 美國上周初領失業金人數報 21.7 萬，預期 21.5 萬，修正後前值 22.0 萬
• 美國上周續領失業金人數報 183.4 萬，預期 182 萬，修正後前值 181.2 萬
美債市場狀況
• 2年期美債利率較前日上漲約9bps至約5.02%
• 10年期美債利率較前日上漲約13bps至約4.62%
Yields across the curve rose sharply after a weak 30-year bond auction and hawkish remarks from Fed Chairman Powell 30年期美債拍賣結果不佳，加上聯準會主席鮑爾的鷹派言論，殖利率全線大幅走高
