On Friday, US Treasury yields were unchanged as investors digested the minutes from the Federal Reserve's November meeting. The minutes suggested that interest rate hikes would be slowed in the coming months.
The yield on the benchmark 10-year Treasury note was little changed at 3.716% at 7 a.m. ET. The yield on the 2-year Treasury note was last trading at around 4.483%.
Yields and prices move in opposite directions. One basis point equals 0.01%.
Markets reopened for a half-day of trading on Friday, after remaining closed for Thanksgiving on Thursday. They continued to absorb the Fed’s November meeting minutes, which were published earlier in the week.
The minutes from the most recent meeting of the central bank suggest that the bank may soon start to slow the pace of interest rate hikes. This would be a change from the bank's current policy, which has been to steadily increase rates over the past few years.
The majority of participants in the survey said that a slowdown in the pace of interest rate increases would likely be appropriate soon, echoing the tone set by Fed speakers in recent weeks.
Central bank officials have indicated that rates will continue to rise, but at a slower pace. This has been welcomed by many investors, who are concerned that rapid rate hikes could lead to a recession.
The minutes from the Federal Reserve's most recent meeting showed that officials were uncertain about how quickly and how significantly their policies would impact the wider economy and inflation. This was the biggest factor considered when discussing a potential slowdown of rate hikes.
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