SocGen's Overnight Economic News Summary

BY MT Newswires | TREASURY | 09/23/25 05:55 AM EDT

05:55 AM EDT, 09/23/2025 (MT Newswires) -- Societe Generale in its early Tuesday economic news summary pointed out:

-- US dollar (USD) mixed, United States Treasury yields extend rebound, 2s up against 3.60% trendline, break opens 3.70%, 2s/10s flattens to 54bps.

-- Fed speakers sow doubts over two additional cuts this year, citing inflation. Musalem: limited room for further rate cuts amid elevated inflation. Bostic: only one rate cut in 2025. Hammack: caution on rate cuts, echoes Musalem on inflation. Miran: support aggressive rate cuts, neutral rate pushed lower by tariffs, immigration restrictions and tax policy.

-- Day ahead: Federal Reserve Chair Powell speaks on the economic outlook, Sweden's Riksbank cuts 25bps. Hungary's central bank (MNB) is forecast to stay on hold. Fed speakers Bowman, Bostic. U.S. 2Q current account. PMIs for eurozone area, the United Kingdom and U.S. European Central Bank speakers Muller, Kocher and Cipollone. Bank of England's Pill.

--Nikkei +1%, EUR 10-year IRS unchanged at 2.70%, Brent crude -0.5% at $66.3/barrel, Gold -0.1% at $3,742/oz.

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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