U.S. Treasury yields fell on Friday as investors weighed the path ahead for monetary policy and considered when the Federal Reserve will begin cutting rates.
U.S. Treasury yields fell on Friday, with the 2-year Treasury yield falling below 4.6% as investors considered when the Federal Reserve will begin interest rate cuts.yield was last nearly 4 basis points lower at 4.596%, pulling back after hitting 4.74% at one point during Monday's session. The yield on theThe central bank left rates unchanged at the conclusion of its policy meeting this week, but pointed to likely rate cuts ahead.
Investors were concerned that the Fed may cut this number as recent economic data indicated that inflation may be more persistent than previously expected. The Fed did not, however, provide any more clarity about a potential timeline for rate cuts. Traders were last pricing in an over 90% chance that the central bank will leave rates unchanged at its next meeting on April 30-May 1, but a roughly 72% likelihood of a June rate cut according to
The Fed reiterated that economic data would be a key marker for when rates will ease and said that its estimates were based on the economy developing "broadly as expected." Next week's economic data releases include the Fed's preferred inflation gauge known as the personal consumption expenditures price index.
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