U.S. Treasury yields rise further after Powell news

• U.S. Treasury yields edged higher on Tuesday amid rising bets for a quicker tightening of Fed’s monetary policy after President Joe Biden tapped Fed-Chair Jerome Powell to lead the central bank for a second term. 
• The yield on 10-year Treasury notes rose one basis point at 1.634%, not far from a 2021 high of around 1.7760% hit in end-March. Yields are up by more than 7 bps since Powell's news in the previous session. 
• The short-end of the curve was the hardest hit. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was flat at 0.63% after hitting its highest level since early March 2020. 
• U.S. inflation-protected bond yields also rose for a second consecutive session with ten-year yields holding near minus 1%.

 

(Source: Reuters)