Bond traders await Fed meeting, refunding and jobs report

Bond investors enter a frenetic week comprising the latest Treasury view on quarterly debt sales, a Federal Reserve meeting, and plenty of data crowned by the July jobs report.  

With four trading days left in July, the Treasuries market is on course for only its second negative month this year, as investors have reduced rate cut expectations and pushed yields higher across all maturities amid a string of resilient data reports. 

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Traders price no prospect of a US rate shift this week, and continue to lean toward a quarter-point reduction at the Fed’s meeting in mid-September, with around 100 basis points of easing seen over the next 12 months. At this week’s Fed meeting, focus on whether some officials dissent over the…