US Treasuries yield rise as Trump ramps up attacks on Powell
Longer-dated U.S. Treasury yields rose as investors watched with concern the escalating Trump administration attacks on Federal Reserve chairman Jerome Powell, that continued over the weekend and on Monday.
The
yield
on the benchmark U.S. 10-year Treasury note was up 5.2 basis points on Monday morning trading to 4.379%. The yield on the 30-year bond rose 6.6 basis points to 4.875%.
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White House economic adviser Kevin Hassett on Friday said President
Donald Trump
and his team were continuing to study whether they could fire Powell, a sign that such a move, which would have wide consequences for global markets, is still an option.
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US Treasuries yield rise as Trump ramps up attacks on Powell
Longer-dated U.S. Treasury yields rose as investors watched with concern the escalating Trump administration attacks on Federal Reserve chairman Jerome Powell, that continued over the weekend and on Monday.
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Hassett's remarks came a day after Trump ramped up a long-simmering feud with the Fed chair, accusing Powell of "playing politics" by not cutting interest rates and asserting he had the power to evict Powell from his job "real fast."
On Friday Trump told reporters during an Oval Office event, "If we had a Fed chairman that understood what he was doing, interest rates would be coming down. He should bring them down."
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"Trump's comments on Powell are keeping the pressure on U.S. assets, including
stocks
and the long Treasuries," said Vail Hartman, U.S. rates strategist at BMO Capital Markets in New York. "The reaction may have been exacerbated by low
liquidity
with some markets closed overnight, but surely the debate on whether to fire or not the Fed chairman does not help", he added.
The two-year U.S. Treasury yield, which typically moves in step with
interest rate
expectations, fell 3.2 basis points to 3.764%. Markets expect the Fed to cut rates in June, and an additional two or three times by year-end.
On Monday, president Trump again pressured the U.S. central
bank
publicly on social media. "Preemptive interest rate cuts have been called for by many", he wrote in a post on Truth Social. Citing lower energy prices, Trump said the economy could decelerate unless "mr. Too Late, a major loser, cuts interest rates NOW".
"This isn't just a disagreement over timing. It's a power struggle between fiscal force and monetary independence," said Nigel Green, CEO of deVere Group. "Markets are reacting. And they should be."
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