Rising long-term yields could help rein in inflation, reducing the central bank’s short-term rate control.
Signs of a slowdown in underlying US inflation could support the cautious stance taken by US Fed members regarding future policy.
“I actually don’t think we need to increase rates anymore,” Atlanta Fed President Raphael Bostic told the American Bankers Association, to applause, in Nashville on Tuesday. The 10-year yield fell 12.7 basis points on Tuesday and was steady in Asia on Wednesday at 4.64%, after touching 4.884% in the wake of strong US jobs data on Friday.
Brent crude futures steadied at US$87.80 a barrel on Wednesday, after hitting US$89 on Monday. European gas prices, which had jumped on news of the Middle East violence, surged further on Tuesday on concern a gas pipe in Finland was sabotaged. Elsewhere the yen has clung to a small bounce made as the Middle East tension has supported safe-haven assets. US stock futures were steady in Asia.
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