FxWirePro: Daily Commodity Tracker - 21st March, 2022 
The US Treasuries saw further selling on Wednesday ahead of Federal Reserve July meeting minutes. Also, investors shrugged off weaker than expected consumer prices data. Overall, greater attention was paid to commentary from New York Fed President William Dudley and Atlanta Fed President Dennis Lockhart that renewed a possible push to raise rates in the coming months by the Federal Reserve, both suggesting that September was very much a live meeting and that current data performance at least warrants the discussion.
The yield on the benchmark 10-year Treasury note rose 1 basis point to 1.587 percent, the yield on 5-year note jumped 2 basis points at 1.172 percent and the yield on short-term 2-year note bounced 2 basis points at 0.762 percent by 12:40 GMT.
Moreover, the minutes from the 26 - 27 July FOMC meeting will be published on Wednesday, 17 August at 18:00 GMT. Investors will remain keen to focus on this release in an attempt to predict the central bank's likely step to hike interest rates in the upcoming monetary policy meeting, particularly in the wake of the UK’s Brexit vote.
The US Fed’s William Dudley (voter in 2016) said that his overall views have not changed much and that he is looking for stronger second half of 2016 growth than was seen to start the year. Dudley reiterated that we are edging closer towards the point where it will be appropriate to raise interest rates further, noting that September was possible. He also added that the Fed Funds futures were underpricing the likelihood of policy tightening.
In addition, Bloomberg’s implied portability for a rate hike increased to 51 percent by December, up from 42 percent at the end of last week. Also, September hike possibility moved higher to 22 percent probability, up from 16 percent last week.
Looking ahead, we foresee that the upcoming hawkish FOMC July minutes will create an opportunity to go short.
Meanwhile, the S&P 500 Futures traded flat at 2,177 by 12:40 GMT.
