Treasury yields bounce higher early Wednesday as investors await congressional testimony by Federal Reserve Chairman Jerome Powell and continue to monitor...
Treasury yields rose early Wednesday as investors awaited congressional testimony by Federal Reserve Chairman Jerome Powell and continued to monitor Russia’s invasion of Ukraine.
What are yields doing? What’s driving the market? The post-invasion Treasury rally took a respite early Wednesday. Treasury prices had been on the rise, dragging yields down sharply, since Russia last week launched its attack on Ukraine, prompting investors to pile into safe-haven assets. The 10-year Treasury yield dipped below 1.70% on Tuesday and saw a fall of 27.6 basis points, based on 3 p.m. levels, over the first two days of the week — the largest two-day drop since March 23, 2020.
Soaring commodity prices are seen adding fuel to inflation already running at a nearly 40-year high, but have also sparked fears of an economic slowdown, clouding the outlook for Federal Reserve monetary policy. Powell will have the opportunity to provide his assessment of the outlook when he appears before the House Financial Services Committee to testify on monetary policy and the economic outlook. Powell will appear before a Senate committee on Thursday.
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