{"id":25522,"date":"2023-06-21T12:21:44","date_gmt":"2023-06-21T16:21:44","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/treasury-yields-rise-after-feds-powell-reiterates-more-2023-rate-hikes-are-likely\/"},"modified":"2023-06-21T12:21:45","modified_gmt":"2023-06-21T16:21:45","slug":"treasury-yields-rise-after-feds-powell-reiterates-more-2023-rate-hikes-are-likely","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=25522","title":{"rendered":"Treasury yields rise after Fed\u2019s Powell reiterates more 2023 rate hikes are likely"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002193987\" role=\"document\">\n<p>Three-month through 30-year Treasury yields rose on Wednesday, after Federal Reserve Chairman Jerome Powell reiterated to Congress that more interest rate hikes are likely to be on the way this year.<\/p>\n<div class=\"paywall\">\n<h2>What\u2019s happening <\/h2>\n<ul class=\"articleList\">\n<li>\n      The yield on the 2-year Treasury note<br \/>\n        TMUBMUSD02Y,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.000%\" channel=\"\" class=\"\">4.738%<\/bg-quote><br \/>\n       was 4.726%, up from 4.695% on Tuesday. <\/p>\n<\/li>\n<li>\n      The 10-year Treasury yield<br \/>\n        TMUBMUSD10Y,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.000%\" channel=\"\" class=\"\">3.775%<\/bg-quote><br \/>\n       rose to 3.763% from 3.726% Tuesday afternoon.<\/p>\n<\/li>\n<li>\n      The yield on the 30-year Treasury<br \/>\n        TMUBMUSD30Y,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.000%\" channel=\"\" class=\"\">3.856%<\/bg-quote><br \/>\n       advanced to 3.848% from 3.815% on Tuesday. <\/p>\n<\/li>\n<\/ul>\n<h2>What\u2019s driving markets<\/h2>\n<p>In testimony delivered to the House Financial Service Committee on Wednesday, Powell told Congress that, with U.S. inflation well above target, more interest rates are likely this year. However, he was vague about the timing.<\/p>\n<p>\u201dNearly all FOMC [Federal Open Market Committee] participants expect that it will be appropriate to raise interest rates somewhat further by the end of the year,\u201d he said during the first of two days in his semi-annual congressional testimony.<\/p>\n<p>During the question-and-answer session, Powell said the Fed\u2019s decision to skip a rate hike in June while projecting more hikes to come was \u201cconsistent,\u201d given the likely need to raise rates \u201cat a more moderate pace\u201d than before. He also said policy makers remain \u201cvery focused\u201d on getting inflation back to a 2% target.<\/p>\n<p>Last Wednesday, Fed officials held the benchmark interest-rate target steady at between 5% and 5.25%, and indicated two more hikes are appropriate this year. Fed funds futures traders are now pricing in a slightly greater chance of a another quarter-of-a-percentage-point rate hike in September, November or December \u2014 after factoring in a similar-size move in July, according to the CME FedWatch Tool.<\/p>\n<p><strong>Read:<\/strong> \u2018Confused\u2019 markets get another chance to hear Fed\u2019s Powell \u2018flesh things out\u2019 on 2023 rate path <\/p>\n<p>Elsewhere, hotter-than-expected consumer prices in the U.K. is raising the prospect of a bigger-than-expected interest rate hike of 50 basis points. The yield on the 10-year gilt<br \/>\n        TMBMKGB-10Y,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.000%\" channel=\"\" class=\"\">4.402%<\/bg-quote><br \/>\n       rose 8.79 basis points to 4.424%.<\/p>\n<h2>What strategists are saying<\/h2>\n<p>\u201cThe Fed is content to champion the no cuts narrative as the primary messaging,\u201d said BMO Capital Markets rates strategists Ian Lyngen and Ben Jeffery.<\/p>\n<p>\u201cKeeping July and September as live meetings is an effective way of distracting investors from their prior preoccupation with pricing in rate cuts by year end,\u201d they said in a note. \u201cIt\u2019s been a successful communication strategy thus far and we\u2019d be surprised if Powell felt compelled to revisit it at this stage.\u201d<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/bond-yields-steady-before-powell-speaks-to-congress-edc857e6?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Three-month through 30-year Treasury yields rose on Wednesday, after Federal Reserve Chairman Jerome Powell reiterated to Congress that more interest rate hikes are likely to be on the way this year. What\u2019s happening The yield on the 2-year Treasury note TMUBMUSD02Y, 4.738% was 4.726%, up from 4.695% on Tuesday. The 10-year Treasury yield TMUBMUSD10Y, 3.775% [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1898,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-25522","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Treasury yields rise after Fed\u2019s Powell reiterates more 2023 rate hikes are likely | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Three-month through 30-year Treasury yields rose on Wednesday, after Federal Reserve Chairman Jerome Powell reiterated to Congress that more interest rate\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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