US 10-Year Yield Drops Below 4% for First Time Since Trump Won
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The yield on benchmark Treasuries fell briefly below 4% for the first time since October as Wall Street fretted that the US economy will end up worse off from President Donald Trump’s trade war.
Ten-year yields declined as much as 13 basis points on Thursday to dip below 4%, the lowest level since before Trump was elected last year. Meanwhile, money markets priced in a 50% chance of the Fed delivering four quarter-point rate reductions this year, a scenario that wasn’t even contemplated on Wednesday.