BOSTON, Jan 7 ― Wall Street's headache over the potential of a relatively fast pullback from stimulus by the US Federal Reserve lingered yesterday as stocks sold off again and government bond yields mostly marched higher.
Minutes released on Wednesday from the Fed's December meeting had shown that a tight jobs market and unrelenting inflation could require the US central bank to raise rates sooner than expected and begin reducing its overall asset holdings. Benchmark 10-year yields rose to 1.7530 per cent, the highest since March 2021, and were last up slightly on the day to 1.7246 per cent. US 2-year yields, which track near-term rate expectations, rose to the highest since early March 2020, the start of the global spread of Covid-19, at 0.8736 per cent.
Investors will now look ahead to a key US jobs report today, which will follow new euro zone inflation data that the European Central Bank will watch closely.
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