10-year yields climb by nearly 5 bps to 1.69%
Meanwhile, 30-year yields are up by over 5 bps to 2.47% - its highest since August 2019.
The message from the Fed is quite clear yesterday. While policymakers are looking for more to convince them of a rate hike, there is no imminent pushback on rates either.
As mentioned earlier here, it is moving towards a case of the Treasury yield curve being steeper for longer. And that also has implications on other assets in the market.
It will bode well for some stocks, but not for others. In this instance, expect the Dow to continue to outperform while tech stocks may find things less to their liking.
As for FX, there's a built-in safety net for the dollar if yields do extend higher although short-term flows may still suggest some weakness post-Fed for the time being.
