U.S. Treasury yields were lower on Thursday amid renewed concerns that President Donald Trump is considering replacing Federal Reserve Chairman Jerome Powell.
The 10-year Treasury yield fell 5.1 basis points to 4.242%, while the 2-year yield pulled back 6.6 basis points to 3.713%. The 30-year yield shed 4.3 basis points to 4.801%.
One basis point is equal to 0.01% and yields and prices move in opposite directions.
On Wednesday, Powell spoke before the Senate Banking Committee and reiterated that the central bank’s main goal was to keep inflation in check, as the effects of Trump’s tariffs still remain unclear.
Powell’s insistence on holding rates steady has drawn harsh criticism from Trump, who is considering naming Powell’s successor early, per a report from The Wall Street Journal. The president is expecting to pick and announce Powell’s replacement by September or October, people familiar with the matter told the Journal.
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