Treasury yields rose sharply during Federal Reserve Chairman Jerome Powell’s testimony after he said the economic outlook had strengthened since December. The 10-year note yield shot up 5.1 basis points to 2.910%, according to Tradeweb data. The 2-year yield climbed 4.4 basis points to 2.274%. The 30-year rate rose 2.6 basis points to 3.180%. Analysts have construed his comments as hawkish and may be be pricing in a higher chance of the central bank implementing four rate hikes from a consensus of three hikes this year.
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