U.S. Treasury yields moved higher across maturities during Asian trading hours as investors waited for the Federal Reserve’s rate decision due on Wednesday. The move followed a jump in the 10-year Treasury yield, which on Monday rose above 5% for the first time since October 2023.
Market pricing compiled by London Stock Exchange Group showed a 93% probability of a 25-basis-point rate increase. Tradeweb data indicated that the 2-year Treasury yield rose 4.4 basis points to 4.676%, while the 10-year Treasury yield climbed 6.2 basis points to 5.021%.
ING rate strategists said in a report that, in theory, rate hikes should calm the long end of the curve, but in practice long-dated yields are often highly volatile. The latest move in Treasurys came as global markets stayed focused on the Fed’s near-term policy path.
U.S. Treasury yields rose across all maturities during Asian trading hours as investors awaited the Federal Reserve’s interest-rate decision on Wednesday.
The move came after the 10-year Treasury yield on Monday climbed above 5% for the first time since October 2023.
According to data from London Stock Exchange Group, markets were pricing in a 93% probability of a 25-basis-point rate hike.
ING rate strategists said in a report: "Logically, rate hikes should calm the long end, yet the long end is often extremely fickle."
Tradeweb data showed the 2-year Treasury yield rose 4.4 basis points to 4.676%, while the 10-year Treasury yield increased 6.2 basis points to 5.021%.
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