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2025-07-31 16:40:45
The Federal Reserve held interest rates steady but signaled a bias toward rate cuts, sparking mixed market reactions. (1) The Federal Reserve maintained interest rates at 4.25%-4.50%, but signaled an easing bias by highlighting downside risks to growth and employment. Two members supported a rate cut, the first such move since 1993. The 10-year Treasury yield rose 3 basis points to 4.347%. (2) Barclays expects rate cuts to begin in December, with a cumulative 75 basis points by 2026. The market has reduced the probability of a September cut to 50%. Eurozone investment-grade bonds are expected to see further narrowing of yield spreads, driven by continued inflows. (3) The UK 10-year government bond yield fell 3 basis points to 4.567%. Gold futures were flat at $3,351.4 per ounce, with a stronger dollar weighing on gold prices.
