Focusing on Powell’s parliamentary speech, Treasury yields fall

US Treasury yields continue to ease from recent highs early Wednesday, with Federal Reserve Board Chair Jerome Powell planning a second appearance in Congress later that day.

Benchmark yield 10-year government bond It dropped to 1.628% at 7:10 EST.Yield 30-year government bond It dropped to 2.332%. Yield is inversely proportional to price.

Powell and Treasury Secretary Janet Yellen will talk about the economic reaction to the coronavirus on Wednesday at 10 am in front of the US Senate’s Committee on Banking, Housing and Urban Affairs.

This followed the first co-star in front of the U.S. Parliament’s Financial Services Commission on Tuesday, where the pair acknowledged high-value asset prices in the market, but said they were not worried about financial stability. ..

“Asset valuations have risen due to historical indicators, but we believe that the rapid progress of vaccination will allow the economy to get back on track,” Yellen said in a testimony.

Meanwhile, Dallas Fed Governor Robert Kaplan told CNBC On Tuesday, he said he was likely to support a rate hike by the end of 2022. However, a dot plot of interest rate forecasts for individual members of the Federal Open Market Committee, revealed after last week’s meeting, agreed with Kaplan’s position, showing three out of eighteen other officials. The entire plot showed that there were no hikes yet until 2023.

Investors will include a key portion of US manufacturing data on Wednesday. Durable consumer goods orders have dropped surprisingly.. The March Markit Manufacturing and Service Purchase Manager index is then set to be published at 9:45 EST.

The auction will take place on Wednesday, with $ 35 billion of 119-day invoices, $ 61 billion of 5-year bonds and $ 26 billion of 1-year and 10-month floating rate notes auctioned.

— — CNBC’s Maggie Fitzgerald and Jeff Cox contributed to this report.

Focusing on Powell’s parliamentary speech, Treasury yields fall

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