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The U.S treasury bonds climbed on Wednesday after weak March retail sales and PPI figures. The yield on the benchmark 10-year Treasury note, which moves inversely to its price, moved down 0.67 pct to 1.769 pct and the yield on the 2-year Treasury bond dipped 0.64 pct to 0.738 pct by 1350 GMT.
US retail sales unexpectedly fell in March amid a sharp drop in auto sales underscoring Federal Reserve policymakers’ worries about the strength of the US economy. Retail sales dropped by 0.3 pct in March from the month prior, compared to expectations of a 0.1 pct increase. The decline was led by a 2.1 pct m/m drop in auto sales.
U.S. producer prices fell in February on lower energy and food costs, but prices were unchanged from a year ago, suggesting the downward trend was near an end. The Producer price index dropped 0.2 pct last month after edging up 0.1 pct in January. In the 12-months through February, the PPI was unchanged after falling 0.2 pct in January.
The surprise weakness in one of the most important segments of the US economy underscores concerns among several senior Federal Reserve policymakers who have dramatically pared back their expectations for rate rises this year amid increased concerns about the growth outlook amid turbulence abroad and trouble in the energy and industrial sectors.
Yesterday, Fed commentary, relative dovishness remained front and center with continued cautiousness being called from both Dallas Fed President Kaplan and Philadelphia Fed President Harker (both non-voters). Nevertheless, support from a move to push rates higher seemed to have their support, should the economy continue to evolve as they expect. This continues to shine light on the June FOMC meeting as a possible point to resume gradual tightening, likely to find room for one more additional hike at either the September or December FOMC meeting (in line with FOMC forecasts).
Meanwhile, the investors will primarily focus on the upcoming business inventories and the Fed Beige Book release, accompanied by a 10-Year note auction in the early afternoon.
