Treasuries Gain as Powell Says Fed Has ‘Many Paths’ on Rates

Treasuries rose as Federal Reserve Chair Jerome Powell said “many paths are possible” for monetary policy, opening the door to an earlier rate cut this year.

The gains pushed yields lower across the curve with the two-year notes — the maturity most sensitive to the Fed’s rate path — dropping five basis points to about 3.81%. The advance, which began with a surprisingly weak consumer confidence report Tuesday morning, picked up steam as Powell took questions in a House committee hearing.