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10-year Treasury yield drops below 2% for first time since 2016
The yield on the benchmark 10-year Treasury note fell below 2% for the first time since November 2016 on Wednesday — breaching a key psychological level — after the Federal Reserve struck a more dovish tone in its June policy statement and Chair Jerome Powell said that the case for easier monetary policy had strengthened. Though the central bank maintained the target overnight lending rate, that decision was accompanied by a growing number of officials open to one rate cut by the end of 2019 with eight members in favor. However, the consensus still didn’t expect a reduction until 2020 at the earliest. The ... (full story)