The two-year US Treasury yield hit a 17-year high on Wednesday and stocks fell after the Federal Reserve left its benchmark policy rate unchanged but officials projected more monetary tightening in 2023.
The policy-sensitive two-year yield rose 0.07 percentage points to almost 5.18 per cent in late afternoon trading in New York — its highest level since July 2006 — having fluctuated in the hours after the Fed’s announcement and chair Jay Powell’s accompanying speech.
The benchmark 10-year Treasury yield was up 0.03 percentage points at 4.39 per cent. Bond yields move inversely to their prices.
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