When asked about the turbulence in the market for US Treasuries, FOMC Chairman Jerome Powell, declined to comment specifically on bond yields, saying they would be concerned “about a persistent tightening of financial conditions in general.”
Following these comments, the 10-year US Treasury yield shot higher and was last seen gaining 2.6% on the day to 1,527%. Consequently, the US dollar index gained traction and is currently climbing 0.37% to 91.28.
In evaluating Powell’s remarks, “Powell has spoken his last words before the blackout period, and the markets have certainly taken notice,” said FXStreet analyst Yohay Elam. “Powell refrained from using his power and said only that the recent nerves in the ties caught his attention,” paraphrasing his colleague. Lael Brainard.
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