A worldwide sell-off took hold of government bond markets in September against a background of closely-watched central bank decisions. Out of the 18 benchmark bond yields examined by Tradeweb each month, 15 saw increases and 13 had double-digit rises.
The U.S. Federal Reserve continued to normalize monetary policy, shifting the Federal funds target to 2.0-2.25%. The mid-yield on the 10-year Treasury ended the month 20 basis points higher at 3.06%. Its Canadian counterpart also climbed 20 basis points, finishing at 2.43%. The Bank of Canada left rates unchanged on September 5, following a 25 basis