Wednesday’s move higher in yields ‘is a continuation from yesterday when (yields) reacted to Governor Brainard’s comment about a rapid unwind of the balance sheet,’ a market strategist said
U.S. Treasury yields rose on Wednesday with traders focused on the expected minutes of the most recent Federal Reserve meeting for clues on the pace and scope of the Fed’s plans to reduce its bond holdings.
The Fed’s recent rate hike, and market expectations for more, mainly affect the short end of the curve, while selling duration held in the U.S. central bank’s balance sheet would pressure yields higher on the long end. The Fed is due to release minutes of its March meeting at 2 p.m. Washington time . On that meeting, the U.S. central bank raised rates for the first time since 2018 and pivoted from an easy policy to battle the effects of the coronavirus pandemic to a more aggressive stance on fighting inflation.
The yield on the 30-year Treasury bond was up 7.8 basis points to 2.660 per cent after touching 2.68 per cent, its highest since May 2019.
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