United States: US Treasury yields hit 24-year high
A brutal bonds selloff pushed the 10-year yield to 5.33%, while the Fed cleared Powell of renovation misconduct amid Trump's calls for his resignation.
Global Desk · composed from 10 outlets · every claim links to its sources
What happened
The US 10-year Treasury yield jumped to 5.33%, the highest level since 2002. 710 A Federal Reserve watchdog found no misconduct by former Chair Jerome Powell in the investigation of the Fed's $2.5 billion headquarters renovation. 219 President Trump called for Powell's resignation despite the inspector general clearing him of wrongdoing. 19
Why it matters
The Treasury yield spike intensified pressure on global markets, contributing to a Rs 8 lakh crore wipeout in Indian equities and declines in bonds. 1611 The Powell resignation feud highlights ongoing tensions between the Trump administration and Federal Reserve leadership over central bank independence. 19
What to watch
Goldman Sachs economists pushed back their expectation for the next Federal Reserve rate hike to December 2026. 22 The White House is considering regulatory relief that would expand sales of tax-exempt red-dyed diesel to help lower fuel prices. 9
Sources · 22
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