Treasuries, Dollar Whipsawed by Reports on Trump’s Plan for Fed

Treasuries rose and the US dollar weakened as traders sorted through contradictory reports on President Donald Trump’s plans for Federal Reserve Chair Jerome Powell.

Yields on two-year notes, which are particularly sensitive to changes in Fed monetary policy, were about six basis points lower at 3.88% at 2:20 p.m. in New York on Wednesday. A gauge of the dollar’s performance against its peers was down about 0.3%.