Global Markets React to Housing Data and Powell's Speech.

The 10-year Treasury yield fell by 5 basis points to 3.719% as investors absorbed stronger-than-expected housing data, with May housing starts beating expectations at 1.63 million. The 2-year Treasury yield also fell by 4 basis points to 4.683%. Investors are awaiting comments from Fed Chairman Jerome Powell for insight into the pace of future interest rate hikes, with the central bank expected to hike rates twice more this year and interest rates expected to be higher than previously anticipated throughout 2024 and 2025.