Dollar Strengthens as Bond Yields Surge; Investors Eye US PCE and Jobs Data

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Summary · why it matters

The US dollar strengthened against major currencies in New York foreign exchange trading on Tuesday, September 29, after US Treasury yields surged to multi-year highs. The dollar index rose 0.17% to 101.372, while the 30-year bond yield jumped to 5.6206%, the highest level since June 2002, and the 10-year bond yield climbed to 5.293%, the highest since June 2007. New York Fed President John Williams said the Fed still has time to assess data before deciding on another rate hike, but Fed Governor Michael Barr and Chicago Fed President Austan Goolsbee continued to signal support for tighter monetary policy. Investors are watching the personal consumption expenditures price index, or PCE, due today, with analysts expecting headline PCE to rise 3.7% in August year on year and core PCE to rise 3.4%. Nonfarm payrolls, due Friday, October 2, are expected to increase by 98,000 in September after rising 162,000 in August, and the September unemployment rate is expected to hold steady at 4.1%. In the latest data, the Conference Board's US consumer confidence index fell 6.7 points to 81.9 in September, below analysts' expectations of 89.0, and JOLTS job openings fell by 256,000 to 7.079 million in August, below the forecast of 7.225 million.

Impact on assets 3

Others▲ · 3 stocks
％Effective Federal Funds Rate
EFFR
▲ PositiveMonetaryrelevance

Fed officials (Barr, Goolsbee) signal support for tighter monetary policy, keeping the effective fed funds rate elevated.

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