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Traders Pare ECB, BOE Rate-Cut Bets After Stronger PMI Data
Traders pared expectations for interest-rate cuts at major central banks this year after fresh data suggesting greater resilience among global economies. Money markets priced in 139 basis points of easing from the Fed this year, versus 145 basis points Wednesday, after a private job report showed US companies ramped up hiring in December. The odds of a rate cut in March, the earliest time traders expect the easing cycle to start, slid to about 64%, compared with 70% a day earlier. US Treasuries fell across the curve, with 10-year yields rising 8 basis points to about 4%. In Europe, the German 10-year yield rose 11 ... (full story)