Bond Yields Hold Near Peaks As US Inflation Rises
Global bond yields remained elevated following accelerating United States consumer inflation data that boosted expectations for a Federal Reserve rate hike next week. Meanwhile, Wall Street opened higher as oil prices retreated from earlier highs.
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Wall Street equities surged in Friday morning trade while bond yields hovered near multi-year peaks as accelerating consumer inflation heightened expectations for monetary tightening. The Consumer Price Index rose 0.4% last month following a 0.1% increase in July, per Labor Department data. Markets now price in an 85% probability of a quarter-point rate hike at the upcoming Federal Reserve meeting, up from 67% prior to the report.
