Treasury yields fell following the nomination of Scott Bessent as Treasury Secretary, who is a proponent of reducing federal debt as well as reducing Treasury bond issuance which fund government expenses.
The Fed is carefully tracking inflation and employment data, which could lead to a pause or delay with its current rate reduction policy. Recent economic data is indicating a possible increase in economic activity that could become inflationary should growth excel above projections.
Sources: Treasury Dept., Federal Reserve
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