US Treasury yields edged back slightly on Friday to end a volatile week, as central banks around the world signaled a more aggressive effort to tame rising inflation.
Yield on benchmarks at around 3:10 p.m. ET 10 year treasury note was partially lower at 3.2824%, while the yield on 30 Year Treasury Bond fell to 3.3372%. Yields move inversely to prices. 2 years The yield, which is generally more sensitive to monetary policy changes, rose to 3.1722%.
S&P 500 is on course for Worst week since March 2020 As investors flee riskier assets amid fears that a tightening of monetary policy could push the US economy into recession. Some investors sold stocks and scrambled into bonds on Thursday, driving up Treasury prices and lowering yields.
federal Reserve on Wednesday raised its benchmark funds rate by 75 basis pointsThe increase is the biggest since 1994, with annual US inflation running at a 40-year high of 8.6% in May.
Members of the Federal Open Market Committee reiterated the Fed’s commitment to stabilizing inflation and indicated that a strong path to rate hikes is ahead. Officials also lowered the 2022 economic growth outlook from 2.8% to just 1.7%.
Swiss National Bank Then Thursday stunned the markets with a hike in rates for the first time in 15 years, while bank of england Implemented its fifth consecutive hike.
Friday is a relatively light day for economic data, with industrial production data for May out past the opening bell. No Treasury auction is scheduled.