(Bloomberg) — The US Treasury market extended losses for a fourth day, with the 10-year yield breaking above 4%, reflecting investor caution ahead of the release of the Federal Reserve’s meeting minutes.
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Yields on the 10-year note rose almost eight basis points to 4.008%, the highest since Dec. 14. UK bond yields were higher, led by the front end, while German peers were modestly lower across the curve.
Treasuries pared declines in choppy trading as US manufacturing data suggested moderating price pressure. Traders now await the minutes from the Fed’s last policy meeting due later on Wednesday to get a better sense of whether expectations of deep interest-rate cuts this year are justified. Swaps pricing points to about 146 basis points of cuts through December.
“The market is trying to find a range,” and 10-year yields will probably settle in a 3.75% to 4.25% area, said Gene Tannuzzo, global head of…
