Treasury yields are falling but hovering at multi-year highs ahead of the expected Fed rate hike

Yields on 2-, 10- and 30-year Treasury bonds fell early Wednesday but remained at multi-year highs ahead of an expected 75 basis point rate hike by the Federal Reserve.

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  • The yield of the 2-year Treasury Note TMUBMUSD02Y,
    3.364%
    fell 6 basis points to 3.364% after rising 15.6 basis points to 3.435% on Tuesday afternoon, marking its highest level since Nov. 14, 2007, according to Dow Jones Market Data. Wednesday’s drop also follows the largest eight-day rise in yields for the 2-year note since August 14, 1989.

  • The yield of the 10-year Treasury note TMUBMUSD10Y,
    3,412%
    Plunged 5 basis points to 3.428% after rising 11.1 basis points to 3.482% on Tuesday, marking its highest level since April 14, 2011. On Tuesday, the yield also posted its biggest five-day rise since October 14, 2008.

  • The yield of the 30-year government bond TMUBMUSD30Y,
    3.374%
    Plunged 3 basis points to 3.395% after rising 6.4 basis points to 3.432% on Tuesday, the highest since November 2, 2018.

What moves the market?

Treasury bonds sold off aggressively on Tuesday as markets now broadly expect a 75 basis point rate hike, or three-quarters of a point, from the Federal Reserve when its decision is announced later Wednesday. The magnitude of such a hike would be the largest in nearly 30 years.

https://www.marketwatch.com/story/treasury-yields-fall-but-hover-at-multiyear-highs-ahead-of-expected-fed-interest-rate-hike-11655284099?rss=1&siteid=rss Treasury yields are falling but hovering at multi-year highs ahead of the expected Fed rate hike

Brian Lowry

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