U.S. government debt prices were slightly higher Wednesday morning as investors awaited the outcome of the Federal Reserve’s two-day meeting, which should offer a glimpse into the country’s economic recovery prospects.
The Federal Open Market Committee (FOMC) will announce its monetary policy decision and economic projections at 2 p.m. ET following its annual symposium in Jackson Hole. Although it is expected to keep rates on hold, markets will be hoping that the central bank maintains its accommodative stance.
Also on investors’ radar Wednesday will be August’s retail sales figures, due for publication at 8:30 a.m. ET, which should offer another indication as to the health of the recovery in consumer sentiment.
In other news, the World Trade Organization has determined that the U.S. violated its international trade rules through its imposition of multi-billion dollar tariffs on Chinese goods as part of the recent trade war between the two economic powerhouses.
House Speaker Nancy Pelosi on Tuesday signaled that Democrats were open to postponing the planned October recess in order to work toward a compromise on a new coronavirus aid package. The White House has indicated a $1.5 trillion proposal from the Problem Solvers Caucus, a bipartisan group of lawmakers from both sides of the aisle.
Auctions will be held Wednesday for $25 billion of 105-day Treasury bills and $30 billion of 154-day bills.
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