Will the Fed push back against higher bond yields?
The Federal Reserve convenes for its policy meeting this week at a pivotal point for the US economic recovery, prompting speculation about its plans to manage a rise in borrowing costs.
Since its previous gathering in late January, trading conditions in the nation’s $21tn government bond market have at times turned choppy.
Yields, which rise as prices fall, have shot higher, and the benchmark 10-year note now trades at a 13-month high above 1.6 per cent. The swift surge has rattled equity markets, especially the high-flying technology sector that has benefited from historically low interest rates.
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