10-year Treasury yield rises slightly as bets on June rate cuts cool down

The 10-year Treasury note yield rose slightly Tuesday, adding to its gains from the previous session, as traders reassessed the possibility of the Federal Reserve cutting rates in June.

The benchmark rate was up 2 basis points at 4.349%. The 2-year Treasury note yield was flat at 4.712%. Yields and prices move in opposite directions and one basis point equals 0.01%.rose to 50.3, up from 47.8 in February and significantly better than the 48.1 Dow Jones consensus estimate. The index measures the percentage of companies reporting expansion against contraction, so anything over 50 indicates growth.

Markets interpreted the unexpected return of U.S. manufacturing growth"as reducing the chances of meaningful Fed rate cuts," Dutch bank INGfor the fifth consecutive time, in line with expectations, keeping its benchmark overnight borrowing rate in a range of 5.25%-5.5%. The Fed also said at the time that it still expects three quarter-percentage point cuts by the end of the year.

"The Fed is playing things cool. And the data has cooperated with that notion," Gregory Faranello, head of U.S. rates strategy at AmeriVet Securities, wrote in a note Monday."For now, market pricing is embracing three cuts with a lean toward a June start date. But it's tight depending on how the data unfolds."Orange County

Source: Loan Digest (loandigest.net)

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