US Treasury selloff pauses, though rate cut hopes recede
The selloff has come as investors and the Federal Reserve reevaluate the need for interest rate cuts in the face of resilient economic data and signs of strength in the labor market. In an appearance on Tuesday, Fed Chair Jerome Powell was among several Fed speakers over recent days who have said they would need to see drivers of inflation weaken before cutting rates.
New York: yields dipped on Wednesday, slowing a weeklong selloff that had pushed benchmark 10-year Treasury yields to their highest levels since November.The selloff has come as investors and the reevaluate the need for in the face of resilient and signs of strength in the labor market. In an appearance on Tuesday, was among several Fed speakers over recent days who have said they would need to see drivers of inflation weaken before cutting rates.
The yield on 10-year Treasury notes was down 6.3 basis points at 4.594%. The yield on the 30-year Treasury bond was down 4.2 basis points at 4.715%.
The two-year US Treasury yield, which typically moves in step with interest rate expectations, was down 3.8 basis points at 4.926%.
US stocks on Wednesday reversed earlier gains. All three major US stock indexes lost momentum in morning trading and last traded broadly flat, while tech shares pulled the Nasdaq slightly lower.
Source: Stocks-Markets-Economic Times
