, trading around 2.96%. The benchmark yield crossed 3% on Monday, its highest level since late 2018. It also traded above that mark again on Wednesday morning ahead of the conclusion of the Fed's two-day May meeting.another modest production increase for June after the E.U. outlines a Russian oil ban proposal. However, oil prices still rose more than 1% after the announcement.
Following March's 25 basis point rate rise, the first increase in more than three years, the Fed doubled that Wednesday afternoon to fight what Powell later called at his post-meeting news conferenceWhile ruling out a larger 75 basis point rate rise down the road, Powell said 50 basis point increases were under consideration at the next two meetings in June and July. Hikes are also seen in September, November and December.
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