and still-strong wage increases showed the labor market was “extremely tight.”
Dynamics that the Fed during the past year has said were driving prices higher, including the pandemic, were either dropped from the statement altogether or, in the case of the war in Ukraine, cited only as a source of “global uncertainty” rather than inflation. It is in part that resilience that has the central bank poised for “ongoing increases” in its policy interest rate.
At the same time, the yield on the 2-year Treasury note, the maturity most sensitive to Fed policy expectations, dropped abruptly and traded down more than 10 basis points at 4.10%. The U.S. dollar slid against a basket of major trading partner currencies.
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