The yield on the 10-year note slipped to 3.276%, paring gains after notching its biggest move since 2020 in the previous session.
for the first time since early April as investors braced for the prospect of aggressive monetary policy tightening to lower inflation. This measure is closely monitored by traders and is often seen as an indicator of a recession.during the regular session on Wall Street as market participants await the start of the Federal Reserve's two-day policy meeting, which concludes on Wednesday.
"The move in the 10-year Treasury yield toward 3.5% shows the market's fear that the Fed may fall further behind the curve is increasing. In turn, this will give the Fed less room to 'declare victory' and ease off on rate hikes," Mark Haefele, chief investment officer at UBS Global Wealth Management, said.
"As a result, the risks of a Fed-induced recession have increased, in our view, and the chances of a recession in the next six months have risen," Haefele added.
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