Markets

BOND REPORT: Treasury Yields Slip Ahead Of Fed Minutes

BOND REPORT: Treasury Yields Slip Ahead Of Fed Minutes

The dollar on Wednesday held above 6.5-month lows hit in previous days, as comments from a senior Federal Reserve official rekindled expectations of possible US interest rate rises.

Worries over U.S. President Donald Trump's recent firing of FBI Director James Comey, who was overseeing a probe into possible links between the president's team and Russian Federation, and concerns about possible delays in Trump's efforts to implement his economic stimulus plans have recently pressured the dollar.

Dow Jones Industrial Average e-mini futures were unchanged at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.03 per cent and Nasdaq 100 e-mini futures were up 0.09 percent. Wall Street has priced in a almost 79% chance of a 25-basis-point increase to the federal funds rate when the FOMC meets June 13-14, according to CME Group fed funds futures. Also, the futures market sees the Fed rate at 2.26 percent by the end of 2019, compared with the Fed's projection of 3 percent.

But, according to the May 2-3 meeting minutes, they also agreed they should hold off on raising interest rates until they knew a recent US economic slowdown was temporary.

Minutes of the Fed's latest policy-setting meeting are set for publication at 1800 GMT on Wednesday.

The ICE dollar index was down less than 0.1% at 97.31.

Shares of Lowe's fell 4.4 percent to $78.75 in premarket trading after the No. 2 USA home improvement chain reported a lower-than-expected profit and comparable sales. The yuan fell to 6.8901 per dollar, down by 0.1 percent, before pulling back to 6.8841 for a loss of about 0.05 percent. The Aussie was down 0.2 percent at $0.7463 AUD=D4.




Jewelry retailer Tiffany TIF.N fell 7.1 percent to $86.54 after posting a surprise drop in comparable sales. Signet Jewelers, which reports on Thursday, was down 6%.

HP Inc rose 4.8 percent to $19.92 after the company's quarterly results beat expectations.

Hollenhorst believes those calculations will have to include a reduction in the PCE rate to as low as 1.4 percent, a pretty good distance from the Fed's 2 percent inflation target.

ENERGY: Benchmark U.S. crude lost 11 cents to settle at $51.36 per barrel in NY while Brent crude, used to price global oils, sank 19 cents to $53.96 a barrel in London.

US crude fell 0.35 percent to $51.29 per barrel and Brent was last at $53.94, down 0.39 percent.

Oil prices were slightly lower as investors waited for news from Vienna where ministers from OPEC and other exporting countries were discussing whether to extend production cuts into the first quarter of next year. The CAC 40 in France was 0.2 percent lower.


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