Easing anxiety over the U.S. regional banking sector reduced the attraction of government paper, nudging up yields.
Bond yields rose on Wednesday as easing tensions in the banking sector trimmed demand for haven assets.Benchmark yields hit their lowest in 11 days on Tuesday after a crash... Bond yields rose on Wednesday as easing tensions in the banking sector trimmed demand for haven assets.Benchmark yields hit their lowest in 11 days on Tuesday after a crash in shares of First Republic Bank FRC triggered demand for safety plays.
The central bank is expected to take its Fed funds rate target back down to 4.5% by December, according to 30-day Fed Funds futures. A second day of selling in European banks encouraged buying of perceived havens like government debt. The benchmark 10-year German TMBMKDE-10Y and U.K. bond yields TMBMKGB-10Y fell 4.3 basis points to 2.342% and lost 2.1 basis points to 3.681%, respectively.
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