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US Yields Rise on FOMC Minutes | EU Threatens to Reject Draft Italian Budget

Published October 18, 2018
  • Federal Reserve officials remain convinced that continuing to gradually increase interest rates is the best formula to preserve a steady economy. US benchmark 10-year treasury yields climbed to 3.2170 on increasing rate hike expectations.
  • European Union leaders voiced concerns over Italy’s spending plans, putting pressure on the populist government in Rome to rethink its budget and avert a potential standoff with Brussels. With Italian bond yields close to a four-year high, the prospects for the country’s public finances have become a prime focus in the bloc.
  • The Trump Administration decided not to label China a currency manipulator despite the recent drop in the value of the yuan, once again deferring on a core 2016 campaign promise by President Donald Trump.
  • The pound could see a “big fall” if the UK crashes out of the European Union in a disruptive Brexit, according to a deputy governor of the Bank of England. The currency is being driven by negotiations with the EU, with its current value reflecting several possible outcomes, Jon Cunliffe said in testimony to Parliament.