U.S. 10-Year Treasury yield falls back below 5%
The U.S. 10-year Treasury yield reverses lower to 4.94%, taking back 9 bps after a 25 bps Fed rate hike and dropping below the 5% level.
S. 94%, after absorbing a 25 bps rate hike from the Federal Reserve. He said the 10-Year yield had rallied in the days before the FOMC meeting, then gave back 9 bps and fell back below the 5% level. Colvin also pointed to the CME Group CVOL Index, saying volatility fell alongside yields.
He added that markets are now watching key industrial production and capacity utilization data, along with comments from Fed speakers as they come out of the communication blackout.