The yield on the 10-year US Treasury note held above 4.3% on Monday after climbing for two straight sessions, as investors awaited a key meeting in Washington between US President Donald Trump and Ukrainian President Volodymyr Zelenskiy, as well as the Federal Reserve’s Jackson Hole symposium later this week. Trump said he would press Zelenskiy to reach a quick settlement following his Friday talks with Russian President Vladimir Putin. While those discussions did not produce a ceasefire breakthrough, Putin agreed to let the US and Europe provide Ukraine with robust security guarantees as part of an eventual peace deal. On monetary policy, markets are pricing in an 84% chance of a 25 basis point Fed rate cut in September, though stronger-than-expected producer inflation and retail sales have reduced expectations for a larger 50 basis point move. Fed Chair Jerome Powell is expected to provide further guidance at Jackson Hole.
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