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WASHINGTON, Oct 10 - Even as the U.S. economy bounds along, rising interest rates on government bonds could threaten the plans of elected officials and central bankers who thought they had set the stage for a steady period of ongoing growth, low unemployment and gradually falling inflation.
But rising bond yields will need to be added to the Fed's assessment of how overall financial conditions may influence economic growth, with even some hawkish policymakers saying recent bond market moves may dent the need for more rate hikes. Fed Chair Jerome Powell voiced no particular concern when asked about it in a press conference after the Fed's Sept. 19-20 policy meeting, and in fact could take some satisfaction that it did not seem to reflect expectations for higher inflation.
Events like a recent credit downgrade by Fitch Ratings, the repeated flirtations with debt defaults and government shutdowns, and the ouster last week of the Republican speaker of the U.S. House of Representatives are possible reasons investors are demanding more of a return for buying long-term U.S. debt.
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