{"id":30900,"date":"2023-10-17T17:45:34","date_gmt":"2023-10-17T17:45:34","guid":{"rendered":"https:\/\/prosfunds.com\/business\/two-year-treasury-yield-hits-17-year-high-after-strong-retail-sales-figures\/"},"modified":"2023-10-17T17:45:34","modified_gmt":"2023-10-17T17:45:34","slug":"two-year-treasury-yield-hits-17-year-high-after-strong-retail-sales-figures","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=30900","title":{"rendered":"Two-year Treasury yield hits 17-year high after strong retail sales figures"},"content":{"rendered":"<div>\n<p>Unlock the Editor\u2019s Digest for free<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=4fe3b36f-26c7-4d2d-8ef9-616d4eced5cc\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Short-term Treasury yields jumped to their highest level in 17 years on Tuesday as stronger-than-expected US retail sales data breathed new life into a global bond rout. <\/p>\n<p>The two-year Treasury yield, which moves with interest rates expectations, rose 0.09 percentage points to 5.20 per cent, its highest level since 2006. The selloff came after the latest signs of US consumers\u2019 resilience fanned investors\u2019 fears that the Federal Reserve could lift borrowing costs further in its fight against inflation.<\/p>\n<p>The 10-year Treasury yield, a benchmark for financial assets around the world, climbed as much as 0.15 percentage points to 4.85 per cent, near a recent 16-year high struck as worries over \u201chigher for longer\u201d interest rates rocked global debt markets. <\/p>\n<p>The renewed sell-off ends a period of respite for bonds over the past week as the outbreak of war between Israel and Hamas spurred demand for safe assets such as Treasuries.<\/p>\n<p>\u201cThe US retail sales data was super strong, no wonder yields have bounced back,\u201d said Peter Schaffrik, global macro strategist at RBC Capital Markets. \u201cI guess after Israel lots of people bought the market and have again been long and wrong. It appears that in the greater scheme of things [the conflict] doesn\u2019t look that likely to really impact the US or European economy.\u201d<\/p>\n<p>Tuesday\u2019s commerce department figures showed that US retail sales rose 0.7 per cent in September, more than analysts had forecast, extending a recent series of strong economic data.<\/p>\n<p>Swaps markets are now pricing a roughly 50 per cent chance of a further Fed rate rise by the end of the year, compared with 37 per cent on Monday. Investors are also expecting fewer rate cuts by the end of 2024 than they had been. <\/p>\n<p>\u201cThe data between the last [Fed] meeting and now has been a blowout payrolls number, strong core CPI and strong retail sales,\u201d said Eric Winograd, senior economist for fixed income at AllianceBernstein. \u201cIf you\u2019re the Fed and you are truly data-dependent, how are you not going to raise rates?\u201d<\/p>\n<p>On Thursday Fed chair Jay Powell will speak at the Economic Club of New York, at which he may give insight into officials\u2019 thinking ahead of the central bank\u2019s next meeting in two weeks. <\/p>\n<p>Government bond yields in Europe followed the US Treasuries higher. Ten-year German Bund yields \u2014 the eurozone\u2019s borrowing benchmark \u2014 rose 0.1 percentage points to 2.88 per cent. Italian yields climbed 0.16 percentage points to 4.92 per cent.<\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/4fe3b36f-26c7-4d2d-8ef9-616d4eced5cc\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Short-term Treasury yields jumped to their highest level in 17 years on Tuesday as stronger-than-expected US retail sales data breathed new life into a global bond rout. The two-year Treasury yield, which moves with interest [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-30900","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Two-year Treasury yield hits 17-year high after strong retail sales figures | Prosfunds<\/title>\n<meta name=\"description\" content=\"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Short-term Treasury yields\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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