Treasurys are under pressure Friday, pushing up the yield on the 10-year note for a sixth straight day, as investors assess the Federal Reserve's policy path.
Most Treasurys were under pressure early Friday, pushing up the yield on the 10-year note for a sixth straight day, as investors assess the Federal Reserve’s likely policy path.
What are yields doing? What’s driving the market? Investors this week were digesting the Federal Reserve’s plans to begin unwinding its balance sheet, with minutes of the March policy meeting on Wednesday offering details. It showed policy makers want to reduce the balance sheet by up to $95 billion a month after a three-month phase-in. The process could potentially begin in May, but policymakers have yet to make a final decision, the minutes said.
Yields at the long end of the yield curve have risen over the course of the week, while investors have snapped up shorter-dated maturities, pulling down the yield of the 2-year Treasury note. That’s undone a brief inversion of the yield curve that saw the 2-year yield trade above the 10-year. Persistent inversions of that portion of the curve are seen as a significant recession warning signal.
The economic calendar is light Friday, with revised data on February wholesale inventories due at 10 a.m.
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