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Treasury yields edge up as Fed reiterates commitment to rate hikes

Federal Reserve keeps rates unchanged as expected Treasury yields moved up after the Fed decided to keep rates steady but indicated it still intends to hike them at least two more times this year. The yield on the 10-year note rose 0.7 basis point to 2.298% after the announcement, adding to a modest rise seen ahead of announcement. The yield for the policy-sensitive 2-year note added to its rise to trade at 1.290%, while the yield for the 30-year bond rose to 2.948%. All nine voting members of the Federal Open Market Committee voted to leave the fed-funds rate at 0.75% to 1%. The policy statement said, “The FOMC views the slowing in growth during the first quarter as likely to be transitory.” The central bank’s dismissal of weak economic data at the beginning of the year may encourage investors the Fed will continue to tighten monetary policy.

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