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No Clarity Yet for Market Direction

The expectation is that the Federal Reserve will leave its benchmark interest rate at 5.50%, at its meeting on Wednesday, though it is still expected to cut rates in the coming months.

January 29, 2024

Despite a busy week filled with a Federal Reserve meeting, the US government's quarterly debt-sale plans, and a plethora of economic data, bond traders hoping for something to shake the $27 trillion Treasury market out of its recent slump will likely still be left waiting for answers.

This year, US 10-year notes have declined as rates have progressively increased. The gains earned since Federal Reserve members signalled an end to the most recent cycle of monetary tightening last month have all but been wiped out by the falls in Treasuries.

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