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The U.S. Treasuries witnessed a heavy selling across the curve on Monday post first OPEC and non-OPEC landmark deal in 15 years. Also, investors await the Federal Reserve’s last monetary policy decision for 2016, which is scheduled to be released on Wednesday by 19:00 GMT.
The yield on the benchmark 10-year Treasury note rose 5 basis points to 2.51 percent (highest since October 2014), the yield on long-term 30-year Treasury also climbed 5 basis points to 3.20 percent and the yield on short-term 2-year note bounced 1-1/2 basis points to 1.14 percent by 12:00 GMT.
Crude oil prices jumped more than 4 percent after OPEC and non-OPEC countries agreed to cut production for the first time since 2001. The International benchmark Brent futures rose 5.14 percent to $57.12 and West Texas Intermediate (WTI) climbed 5.22 percent to $54.18 by 12:10 GMT.
Moreover, the Federal Reserve is expected to increase the target range of the key interest rate by 25 basis points to 0.50 percent to 0.75 percent on December 14, with a unanimous decision. Little change to the statement, though the Committee is likely to acknowledge that market-based measures of inflation compensation have risen further.
With the economy seemingly close to ‘full employment’ there is a now a case for more hawkish guidance. The sell-off in US Treasuries reflects concerns looser fiscal policy may cause the Fed to move more aggressively. For now, the Fed will probably not change its rhetoric, while it waits to see what fiscal policy measures are enacted, said Lloyds Bank in its research note.
Meanwhile, the S&P 500 Futures traded flat at 2,254 by 12:20 GMT. While at 12:00 GMT, the FxWirePro's Hourly Dollar Strength Index stood neutral at -49.34 (lower than -75 represents bearish trend).
