Exchange-traded funds that invest in long-term Treasury bonds are falling sharply Thursday, as yields continued their march higher in the wake of the Federal...
Exchange-traded funds that invest in long-term Treasury bonds are dropping Thursday, as yields continued their march higher in the wake of the Federal Reserve’s meeting on monetary policy.
Ten-year Treasury yields jumped after Fed Chair Jerome Powell held a press conference Wednesday on the central bank’s interest-rate-setting policy meeting, which ended with its summary of economic projections pointing to a potential rate hike later this year. Powell said at the briefing that the Fed’s monetary policy needs to stay restrictive to tame still high inflation.
Bond yields have skyrocketed since the Fed embarked in early 2022 on an aggressive campaign hiking its benchmark rate to bring surging inflation back down to its 2% target. The yield on the 10-year Treasury note BX:TMUBMUSD10Y was trading up about 10 basis points on Thursday afternoon at 4.47%, which is around levels seen in 2007, FactSet data show.
For example, shares of the iShares 1-3 Year Treasury Bond ETF SHY were in positive territory on Thursday, edging up 0.1%, according to FactSet data, at last check. The fund has posted a 1.4% total return this year through Wednesday, outperforming the 4.5% loss for the iShares 20+ Year Treasury Bond ETF over the same period on a total return basis.With the Fed fighting inflation this year with higher rates, the yield on ultra-short-term U.S.
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