FxWirePro: Daily Commodity Tracker - 21st March, 2022 
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The German bunds strengthened on Wednesday as investors awaited the Federal Reserve monetary policy decision and Fed Chair Janet Yellen’s post-statement press conference, in an attempt to estimate the Fed's most likely step. Also, tumbling crude oil prices boosted demand for safe-haven assets.
The yield on the benchmark 10-year bond fell 1-1/2 basis points to -0.041 percent, the yield on long-term 30-year note dipped 1 basis point to 0.452 percent and the yield on short-term 3-year note also slid nearly 1 basis point to -0.635 percent by 09:20 GMT.
The Federal Open Market Committee (FOMC), at its upcoming meeting is expected to keep the federal funds rate on hold at 0.25 percent – 0.5 percent. Investors will remain keen to focus on the comments made by the Fed Chair Janet Yellen for any signals about future policy.
Moreover, it is worth remembering that in the last FOMC meeting minutes, most of the discussion was about the growth and development in the labour market because of subdued employment reports in April and May. Therefore, the central bank is likely to welcome the recovery seen in employment in June and the upheaval signifies that risk is skewed towards a more hawkish Fed despite Brexit.
In terms of recent economic data release, German GfK consumer sentiment index printed 10 heading into August, a bit higher than the market expectations for 9.9, though down from 10.1 in July.
In addition, the German bunds have been closely following developments in oil markets because of their impact on inflation expectations. Crude oil prices continue to trade lower due to sluggish global demand and supply glut. The International benchmark Brent futures fell 0.95 percent to $44.80 and West Texas Intermediate (WTI) tumbled 0.49 percent to $42.71 by 09:20 GMT.
Lastly, investors will remain keen to focus on the 30-year bond auction, unemployment rate, CPI and retail sales. Meanwhile, the German stock index DAX Index trading 0.83 percent higher at 10,333 by 09:20 GMT.
