Fed Rate-Cut Exuberance Ebbs After Jobs Data, Boosting US Yields
- Traders price in less easing by the US central bank in 2024
- Some Treasury yields rebound from lowest levels in months
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Treasury yields surged as traders pared expectations for the Federal Reserve to ease monetary policy aggressively next year after a better-than-forecast jobs report.
Benchmark two-year yields, those most closely tied to the outlook for US central-bank policy, rose as much as 14 basis points, the most in a day since June. Rates across the maturity spectrum were higher by at least about six basis points on the day.