Treasuries Whipsaw as Fed Minutes Focus on Fiscal Policy, Dollar
- Benchmark 10-year notes swing between losses and gains
- USTs curve steepens relative to earlier in U.S. session
What FOMC Minutes Say About Labor Markets and Rates
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Treasuries whipsawed between gains and losses after minutes from the Federal Reserve’s December meeting showed officials focused on a gradual pace of interest-rate hikes, while seeing risks stemming from fiscal policy spurring faster economic growth and a stronger dollar providing a headwind.
The benchmark 10-year U.S. yield fell about one basis point to 2.43 percent at 4:12 p.m. in New York, according to Bloomberg Bond Trader data. It fell as low as 2.43 percent and rose as high as about 2.47 percent after the release of the minutes of the Dec. 13-14 meeting of the Federal Open Market Committee, when officials raised rates for the first time in a year.