7/6, 8:53 PM (Source: TeleTrader)
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US Treasury yields soar after Fed minutes

United States Treasury yields jumped on Wednesday as investors analyzed minutes from the June monetary policy meeting of the Federal Reserve. Policymakers agreed that the current outlook justifies a transition to "restrictive policy," while an "even more restrictive stance could be appropriate if elevated inflation pressures were to persist."

A possibility of an even higher interest rate environment could have caused market participants to sell their bonds, driving the yields up. Notably, the spread between the 10-year note and the two-year note remained negative, which could indicate a recession over the next couple of years.

The return on the 10-year Treasury note gained 9.5 basis points to 2.908% at 2:49 pm ET. The yield on the two-year note surged 12.7 basis points to 2.943% at the same time, while the return on the 30-year bond grew by 8.8 basis points to 3.121% a minute later.

Baha Breaking News (BBN) / MS