Powell's 2% Inflation Target Remarks Trigger Surge in Long-End Yields
- 1At Wednesday's FOMC press conference, Chair Powell said returning inflation to the 2% target is the Fed's top priority.
- 2The 2-year yield fell about 4bp to 4.24%, the 10-year rose 7bp to 4.67%, and the 30-year jumped more than 10bp to 5.20%, the highest since July 2007.
- 3The steepening yield curve was interpreted as a signal that the market views the Fed as dovish-leaning and doubts its commitment to fighting inflation.
This 3-line summary is compiled from the report below.
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