Bond yields were mostly a touch lower on Wednesday as traders shrugged off a downgrade to the U.S. government’s credit rating.
What’s happening What’s driving markets While equities and currencies show signs of stress after Fitch downgraded the U.S. government’s credit rating, the Treasury market is taking the news in its stride, with yields little changed. “Treasury investors remain much more focused on growth, inflation, and other top-tier data dynamics for direction. While any market price action on the downgrade should be short-lived, GSE [government sponsored enterprise] spreads could face some increased volatility as GSE ratings are likely also be lowered in tandem with the U.S. ratings cut,” he added.
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