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investingLive Americas FX news wrap 28 Jul: Markets Await Fed and Big Tech Results
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Wholesale inventories also came in below expectations, while the U.S. trade deficit remained elevated as both imports and exports declined.
The Conference Board's Consumer Confidence Index disappointed expectations, with inflation expectations also moving lower, suggesting consumers are becoming less concerned about future price pressures.
Taken together, the softer economic backdrop helped push Treasury yields lower while reducing expectations that the Fed will need to tighten policy further.
U.S. Treasury yields moved lower across the curve:2-year: 4.280% , -4.2 basis points, -4.2 basis points 5-year: 4.366% , -3.5 basis points, -3.5 basis points 10-year: 4.606% , -3.4 basis points, -3.4 basis points 30-year: 5.091%, -3.3 basis pointsThe U.S. dollar finished mixed in relatively quiet trading ahead of tomorrow's Federal Reserve decision.
The Fed is widely expected to leave interest rates unchanged, making Chair Kevin Warsh's post-meeting press conference the primary focus.