Short-dated Treasury yields that are sensitive to monetary policy expectations surged on Wednesday after Federal Reserve Chairman Jerome Powell characterized...
Short-dated Treasury yields that are sensitive to monetary policy expectations surged on Wednesday after Federal Reserve Chairman Jerome Powell characterized his 25 basis point rate cut as a mid-cycle policy adjustment. The 2-year Treasury note yield TMUBMUSD02Y, +2.
17% rose 6.2 basis points to 1.910%, spiking as high as 1.944%. Debt prices move in the opposite direction of yields. Powell's remarks appeared to suggest the central bank's rate cut was more of an "insurance" move that would protect the U.S. economy from global risks.
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