Treasury yields climb on bets for June U.S. Fed hike
The S&P 500 Index closed nearly flat and the two-year Treasury yield added more than 10 basis points after data showed that inflation remained high. Two Federal Reserve officials then warned that the remedy might require higher interest rates for a long period of time, though one policymaker suggested that the end might be near.
But stocks pared losses after Federal Reserve Bank of Philadelphia President Patrick Harker said that policymakers were nearing the point where rates were restrictive enough: “In my view, we are not done yet … but we are likely close.” But Win Thin, currency strategist at Brown Brothers Harriman, wasn’t buying this super-core argument.
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