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Treasury yields steady after PCE rise
The July Personal Consumption Expenditures (PCE) price index reading showed overall inflation rising to 3.7% year-over-year, surpassing market expectations of 3.6%. It also increased by 0.2% monthly, with core inflation remaining steady at 3.3%, reflecting continued inflationary pressures in the U.S. economy. These data did not cause significant fluctuations in the bond market, as investors appeared willing to absorb the higher inflation rate, with expectations of no immediate change to accommodative policies. This comes after the Treasury Secretary announced increased buybacks of long-term bonds and plans to finance them through cash reserves, amid declining oil prices and relative calm in global markets.
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