30-Year Treasury Yield Jumps More Than 11 Basis Points After Kevin Warsh Press Conference
After Federal Reserve Chairman Kevin Warsh’s press conference, long-dated U.S. Treasuries threw a tantrum, with the 30-year yield jumping more than 11 basis points intraday. Such an outsized move can only mean one thing: the market was sending Warsh a message that the Fed should have raised rates today. If price discovery and elevated volatility become the new normal, stocks will not be happy. That also explains why major indexes gave back all of their early gains.