FYI: In a statement to the Senate Banking Committee yesterday, Federal Reserve Chairwoman Janet Yellen indicated that an interest rate hike is drawing nearer as the U.S. economy improves. But Ms. Yellen’s commentary was more dovish than expected, and as a result, bonds rallied and the yield on the 10-year Treasury dipped below 2% again after rising sharply from its recent lows of 1.68% seen at the beginning of the month.
Regards,
Ted
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