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The German bunds plunged Monday after the US Federal Reserve Chair Janet Yellen commented that the case for interest rate increase has strengthened in the coming months. On the other hand, weak equities and volatile crude oil prices limited the growth in bond yields.
The yield on the benchmark 10-year bond rose 3-1/2 basis points to -0.055 percent, the yield on long-term 30-year note jumped more than 4 basis points to 0.474 percent and the yield on short-term 2-year bond stood bounced ½ basis point to -0.616 percent by 09:00 GMT.
At the Jackson Hole Symposium, Yellen said that the FOMC continues to anticipate that gradual increases in the federal funds rate will be appropriate over time to achieve and sustain employment and inflation near our statutory objectives.
She further added that in light of the continued solid performance of the labour market and the Fed’s outlook for economic activity and inflation the case for an increase in the federal funds rate has strengthened in recent months. However, Yellen furthered that of course, the Fed’s decisions always depend on the degree to which incoming data continues to confirm the Committee's outlook.
Moreover, the German bunds have been closely following developments in oil markets because of their impact on inflation expectations. Crude oil prices declined more than 1 percent at the start of the week as Iran said it would only cooperate in talks to freeze output if other exporters recognized its right to full regain market share.
Also, data showed that Iraq is producing 3.205 million barrel per day in August compared to 3.202 million barrel per day in July. The International benchmark Brent futures fell 1.34 percent to $49.48 and West Texas Intermediate (WTI) dipped 1.26 percent to $47.04 by 09:00 GMT.
Lastly, investors will remain keen to focus on the upcoming economic data, highlighted by CPI, retail sales, unemployment and manufacturing PMI.
Meanwhile, the German stock index DAX Index traded 0.72 percent lower at 10,512 by 09:00 GMT.
