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October 20, 2022: -Treasury yields increased across the board as concerns over a recession spread among investors, and markets looked ahead to releasing housing market data.
The yield on the 10-year Treasury was previously at 4.059, up by 6.1 basis points after hovering just below the critical 4% level on Tuesday.
Concerns regarding a recession have been growing louder among investors as the Federal Reserve continues to follow a hawkish path with interest rate hikes.
This has started filtering into profits prognoses, with some companies and analysts rectifying their outlook downward for the coming quarters.
A fourth consecutive 75 basis point rate hike is widely expected from the central bank at their meeting in early November, and Fed speakers have suggested that this activity could continue.
At an event, Minneapolis Fed President Neel Kashkari said he saw no reason not to push the central bank’s benchmark funds rate above 4.75% to tackle inflation. Such levels were later seen in the first half of 2006.
Further Fed speakers are due to make remarks on Wednesday, and housing starts and building access data will be released. This could give traders additional insights into the state of the U.S. economy and the impact economic developments have on consumers.
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