Treasury yields have been choppy in early action awaiting Chair Powell’s speech on Friday. There was little reaction from the GDP or claims data though the marginal boosts to growth and consumption in GDP and the tightening in claims did weigh at the margin. Bonds had already pared their earlier gains after comments from KC Fed’s George who indicated the FOMC will have to move rates up into restrictive territory, possibly over 4%, and hold there in order to bring down demand.
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Stuart Cowell
Head Market Analyst
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