10-year yields hit 16-year peak as Fed seen higher for longer
NEW YORK - Benchmark 10-year U.S. Treasury yields rose to 16-year highs on Thursday, a day after the Federal Reserve surprised investors by flagging the potential for an additional rate hike, and an expectation for fewer cuts next year.
"It caught the markets by surprise because there was this sense that three months of encouraging inflation data would kind of bring down the temperature at the Fed," said Will Compernolle, macro strategist at FHN Financial in New York. He added that"we want to see convincing evidence really, that we have reached the appropriate level" of interest rates to return inflation to the Fed's 2% target.Fed funds futures traders are pricing in only a partial chance of an additional rate hike, with a 32% probability in November and 45% chance by December, according to the CME Group's FedWatch Tool.
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