U.S. Treasury yields held steady on Wednesday as investors digested comments from policymakers about the state of the economy and monetary policy outlook.
U.S. Treasury yields held steady on Wednesday as investors digested comments from Federal Reserve policymakers about the state of the economy and monetary policy outlook.was last at 4.9492% by falling by more than one basis point, trading just below the 5% mark it briefly crossed on Tuesday.Sign up for NBC Philadelphia newsletters.
On Tuesday, he said there has been a"lack of further progress" on inflation so far this year. Recent economic data has also shown growth and strength in the labor market, he added. The Fed has repeatedly said that it is looking for data to show that inflation is easing sustainably, and the overall economy is cooling before starting to cut interest rates. But Powell on Tuesday indicated that policymakers had not yet reached this point.
"The recent data have clearly not given us greater confidence, and instead indicate that it's likely to take longer than expected to achieve that confidence," he said.The comments fueled questions about whether there may be fewer rate cuts than expected this year and whether they may begin later than anticipated.
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