US Treasury yields jumped on Wednesday, joining a global selloff in government paper, as investors ratcheted up their bets on a December rate rise after Fed chair Janet Yellen reiterated her view yesterday that gradual tightening is needed despite persistently weak inflation readings.
Yield on the benchmark 10-year Treasury note rose as much as 8 basis points to 2.314 per cent, the highest since August 1, according to Reuters data.
Yield on the more policy sensitive 2-year note gained nearly 3 basis points to 1.483 per cent, the highest since November 2008.
The sell-off in Treasuries got an extra boost from President Trump’s fresh push for tax reform while better-than-expected durable goods data released earlier this morning helped ease concerns that the devastation caused by Hurricanes Harvey and Irma would throw the US economic recovery off course.
Yield on the benchmark 10-year Treasury note rose as much as 8 basis points to 2.314 per cent, the highest since August 1, according to Reuters data.
Yield on the more policy sensitive 2-year note gained nearly 3 basis points to 1.483 per cent, the highest since November 2008.
The sell-off in Treasuries got an extra boost from President Trump’s fresh push for tax reform while better-than-expected durable goods data released earlier this morning helped ease concerns that the devastation caused by Hurricanes Harvey and Irma would throw the US economic recovery off course.