2024-04-18 06:00:00 ET
Summary
- Bowing to recent data, Federal Reserve Chairman Jerome Powell on Tuesday conceded that inflation progress has stalled and the case for rate cuts has weakened.
- The Treasury market has been effectively making the same case for weeks, but when the top central banker says it out loud, the crowd notices.
- The 10-year Treasury yield is paying attention and rose to 4.67%, the highest since Nov. 6.
Bowing to recent data, Federal Reserve Chairman Jerome Powell on Tuesday conceded that inflation progress has stalled and the case for rate cuts has weakened. The Treasury market has been effectively making the same case for weeks, but when the top central banker says it out loud, the crowd notices....
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Higher-For-Longer Risk For Rates Drives Up Treasury Yields