10-year Treasury yield is little changed as Fed's Waller says more hikes needed, investors await 30-year auction - CNBC
The 10-year Treasury yield fluctuated following comments from Fed Governor Christopher Waller regarding potential future interest rate hikes. Markets also reacted to a 30-year bond auction and geopolitical statements from President Trump.
Why it matters
Treasury yields are a critical benchmark for global borrowing costs and investor sentiment, making these fluctuations significant for the broader economy.
The yield on the 10-year Treasury fell on Thursday as traders digested comments from a top Federal Reserve official along with another long-dated bond auction.
The benchmark 10-year Treasury yield was down more than 4 basis points at 5.229% after reaching its highest level since 2002 this week. The 30-year Treasury bond yield dropped more than 5 basis points to 5.602% after trading around a 24-year high recently.
One basis point is equal to 0.01%, and yields and prices move in opposite directions.
Fed Governor Christopher Waller said on Thursday that more hikes are needed to bring inflation down after around 5-and-a-half years above the central bank's 2% target, but suggested rates did not need to rise immediately.
"The hikes do not need to come at consecutive meetings," Waller told a Central Bank of Turkey forum in Istanbul. "But they should be in place in an acceptable period of time."
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