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Over the weekend, Federal Reserve Chairman Jerome Powell’s comments triggered a surge in Treasury yields, leading to a widespread decline in the shares of utility companies.
In an interview with 60 Minutes aired on Sunday, Powell presented a bleak outlook for a potential rate cut in March, reiterating his stance from the January policy meeting.
Monday saw the 10-year yield jump by over 13 basis points to 4.163%, the 30-year yield rose by nearly 12 basis points to 4.345%, and the 2-year rate surged by approximately 10 basis points, reaching 4.470%, marking a high not seen in almost two months.
Benchmark 10- and 30-year Treasury yields skyrocketed in the past two trading sessions by the largest margins since June 2022 and March 2020, respectively.
