Traders Push US 10-Year Yield to 4% as Hassett Tops Fed Field

Treasuries gained, pushing the 10-year yield to 4% for the first time in a month, after White House National Economic Council Director Kevin Hassett emerged as the front-runner to serve as the next Federal Reserve chair.

Traders boosted bets on lower interest rates over the next year, reflecting the consensus view that Hassett would carry out the aggressive reductions in borrowing costs that President Donald Trump has been calling for.