Oil Slides, Treasury Yields Hold Near Multi-Year Highs as Markets Eye Next Fed Move

Oil prices have retreated from $100 a barrel after Saudi Arabia indicated its East-West pipeline could restore about half of its capacity within days.

The 10-year Treasury yield remains near 5% after crossing that level last week, while the seven-year yield is also near 5%. This has left markets pricing roughly even odds of another Fed rate hike in October.

Bitcoin has recovered from its summer slide into the $60,000s but remains roughly 7% lower for the year. The cryptocurrency's price dropped to $75,000 on Tuesday after the CLARITY Act vote didn't clear the Senate, but it charted higher after the Securities and Exchange Commission cleared a path for authorized venues to offer tokenized U.S. stocks under a five-year conditional exemption.

With the Fed's latest decision behind markets, this week's data will help shape expectations for the next move. The calendar includes Tuesday's flash S&P Global Manufacturing and Services PMIs, followed by the final second-quarter (Q2) GDP revision, existing home sales, and durable goods orders. August PCE inflation, the Fed's preferred gauge, will be the week's key release.