FILE PHOTO: Investors look at computer screens showing stock information at a brokerage house in Shanghai, ChinaFILE PHOTO: Investors look at computer screens showing stock information at a brokerage house in Shanghai, China
Cash US Treasuries were untraded in Asia on Monday, owing to the Memorial Day holiday, while futures were broadly steady. Two-year yields hit a 2-1/2 month high of 4.6390% on Friday on markets bets of higher Federal Reserve rates for longer. “Yes, we will get the relief rally in the short-term but then we have to start thinking about the June FOMC meeting, about inflation being stickier than expected, and the money being drained out of the markets.”
In Turkey, the lira hovered at 20.04 against the dollar, just a touch above its record low of 20.06 hit on Friday, after President Tayyip Erdogan secured victory in the country’s presidential election, extending his increasingly authoritarian rule into a third decade.