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The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."Bank of Japan Governor Kazuo Ueda: Non-weather factors may push up food prices.

As Yields Approach 3%, the US Dollar Index Pursues Establishment Above 101.00

Larissa Barlow

Apr 20, 2022 09:53

In early Tokyo, the US dollar index (DXY) is auctioning in a narrow range of 100.094-101.03. The asset is establishing a base before breaking through the 101.00 barrier, as the DXY has been bolstered by rising estimates of interest rates reaching 3.5 percent by the end of fiscal year 2022.

Fed Policymakers' Addresses

President James Bullard of the Federal Reserve Bank of St. Louis (Fed) opened the door on Monday for the Fed to boost interest rates 75 basis points (bps) in its May monetary policy statement. The likelihood of a massive interest rate hike has increased following the US economy's March inflation reading of 8.5 percent.

 

Meanwhile, Chicago Fed President Charles Evans stated on Tuesday that he is "comfortable" with a rate hike cycle this year that includes two 50 basis point increases and reaches a neutral level by year's end, but he does not see the need for further hikes, according to Reuters.

US Treasury Yields Increase Significantly

For the first time in three years, 10-year US Treasury yields are attempting to breach the psychological level of 3%. Rising wagers on a prolonged era of low interest rates are boosting yields, which eventually drive the greenback higher.

 

This week's significant events include the issuance of building permits, housing starts, initial jobless claims, and the S&P Global PMI.

 

On the back burner are the Russia-Ukraine Peace Talks, the International Monetary Fund (IMF) meeting, the People's Bank of China (PBOC) interest rate decision, the Federal Reserve Chair Jerome Powell's speech, the European Central Bank (ECB) President Christine Lagarde's speech, and the Bank of England's (BOE) Governor Andrew Bailey's speech.

Spot Dollar Index 

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