Treasury yields rise on Friday as policy makers set the stage for tighter financial conditions, including a steady liftoff of benchmark interest rates.
Treasury yields were rising on Friday morning, as Federal Reserve policy makers set the stage for tighter financial conditions, including a steady liftoff of benchmark interest rates, which are likely to weigh on demand for government debt.
What are yields doing What’s driving the market? Markets have been unsettled by the prospect of tightening financial conditions but moves for yields have been comparatively subdued for the week thus far, though the 2-year has been sold, pushing yields higher. Expectations for higher yields are supported by comments from policy makers, including Federal Reserve Gov. Christopher Waller, who recently suggested that as many as five interest-rate increases are a possibility in 2022 as the central bank aims to beat back rampant inflation. Though Waller said his baseline expectation was for three rate increases on the year, which is more in line with expectations.
Meanwhile, Lael Brainard, the White House nominee to serve as the central bank’s No. 2, told a Senate finance panel on Thursday that efforts to reduce inflation were the Fed’s “most important task.”
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