Treasury yields continue their climb
Research - APRIL 19, 2023

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Treasury yields continue their climb

by Larry Gray

Following the U.S. Department of Labor’s March jobs report and comments from Federal Reserve governor Christopher Waller, who noted inflation is “still much too high,” investors seem convinced the Fed will continuing to raise interest rates. The sentiment produced a jump in short-term Treasury yields on Friday.

“Monetary policy needs to be tightened further,” said Waller in a speech in San Antonio on Friday. “I would welcome signs of moderating demand, but until they appear, and I see inflation moving meaningfully and persistently down toward our 2 percent target, I believe there is still more work to do.”

Following Waller’s remarks, the U.S. two-year Treasury yield climbed from 3.977 percent to 4.091 percent after trading closed on Friday. Treasury yields on six-month notes rose to 5.02 percent, up from the previous close of 4.947 percent.

In March, the Fed announced its ninth consecutive rate hike, raising the benchmark interest rate by 25 basi

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