US 10Y Treasury yields traded between about 4.61% and 4.71% yesterday after returning from vacation with bond prices rallying on the Middle East tensions. The 10Y UST is currently yielding 4.653%. 2Y yields are 4.97%. Fed speakers yesterday didn’t add much clarity. Kashkari said that the impact of higher yields on Fed rates was unclear. And Mary Daly said that the neutral rate could be somewhere around 2.5% to 3%, implying that at some stage, rates should decline, though she sounded as if she still felt the Fed had further work to do to control inflation first. The implied effective Fed funds rate for December is ... (full story)