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U.S. Treasury yields surged following stronger-than-expected economic data, leading to a decline in U.S. stocks. The selloff in Treasuries was fueled by inflation concerns, with Treasury Secretary Janet Yellen indicating that recent data suggests interest rates may be higher than previously anticipated. Yellen noted that there has been little progress on disinflation over the past two months, although she remains optimistic about a downward trend in inflation. As a result, U.S. stock markets closed sharply lower, reflecting heightened uncertainty regarding potential interest rate cuts amidst rising inflation fears.
Treasury Secretary Janet Yellen said that stronger than expected economic data spurred a repricing of expectations for rates that’s contributed to a selloff in US Treasuries https://t.co/dDJW6aQZ3H
🇺🇸 Treasury Secretary Janet Yellen said recent data suggests the path for interest rates may be higher than expected. She stated that there hasn’t been much progress on disinflation in the past two months but remains convinced inflation is on a downward path. Yellen also noted… https://t.co/S83FdoxgHX
US TREASURY SECRETARY YELLEN: RECENT DATA SUGGESTS THE PATH OF INTEREST RATES MAY BE HIGHER THAN PEOPLE EXPECTED.