Federal Reserve chair Jerome Powell is seen delivering remarks on a screen as a trader works on the trading floor at the New York Stock Exchange in New York, US, in this December 15 2021 file photo. Picture: REUTERS/ANDREW KELLYStocks fell on Thursday and US short-term government bond yields rocketed to their highest in 23-months after the US Federal Reserve stuck to plans for an interest-rate increase in March and more policy tightening to curb high inflation.
“But as this comfort blanket is pulled away, investors will be more exposed and I suspect this will create a more volatile environment for asset prices.” Expectations of Fed tightening sent the policy-sensitive US two-year yield to a top of 1.208%, levels last reached in February 2020. The benchmark 10-year yield was steady at 1.851% having hit a high of 1.88% on Wednesday.
“There was a marked shift in terms of a relatively dovish statement and then a relatively hawkish press conference,” said David Chao, global market strategist, Asia Pacific at Invesco.
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