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Rise in 10-year Treasury yield appropriate - Fed's Bullard

"With growth prospects improving and inflation expectations rising, the concordant rise in the 10-year Treasury yield is appropriate," Federal Reserve Bank of St. Louis President James Bullard (pictured) pointed out on Thursday. The yield on the 10-year Treasury note rose by 7.9 basis points to 1.468% at 11:16 am ET. Earlier in the day, it reached 1.494%, its highest level since February 21, 2020.

Speaking at a webinar for Georgia State University's Economic Forecasting Center, Bullard stressed that the health crisis due to the coronavirus pandemic in the United States is seen as fading as the death rate is declining and vaccination efforts primarily aim to help the most vulnerable people. The expected end of the pandemic-caused crisis is boosting the likelihood of economic growth in the US, he explained.

Monetary and fiscal policies have been extremely effective and the labor market rebounded faster than anticipated, Bullard also noted.

Breaking the News / MS