Morning Bid: Treasuries tighten as Fed hawks re

By Mike Dolan

LONDON (Reuters) – What matters in U.S. and global markets today

By Mike Dolan, Editor-At-Large, Finance and Markets

As investors wait anxiously for Federal Reserve Chair Jerome Powell’s keynote speech at the Jackson Hole symposium today, the rates market is responding to a mix of robust economic and price signals and hawkish statements from Powell’s colleagues.

The Fed futures market has reduced the chances of a rate cut next month to just 70% from almost a sure thing not that long ago. Two-year Treasury yields have also matched their highest level since August 1 as some Fed officials – including Cleveland Fed boss Beth Hammack, Atlanta’s Raphael Bostic and Kansas City’s Jeffrey Schmid – expressed doubts about the wisdom of a September cut, with inflation still well abov