Treasuries Mixed After Fed's Rate Cut

Treasuries were mixed after the Federal Reserve cut short-term interest rates by 50 basis points in an intermeeting move that took the markets by surprise.

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Treasuries Mixed After Fed's Rate Cut

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The Fed cut the fed funds rate to 4.5% from 5% earlier today. Shortly after the cut was announced, the two-year note, which is affected most directly by expected changes in monetary policy, rose 8/32 to 99 31/32, lowering the yield to 4.266%. The 10-year benchmark note, after initially losing ground following the cut, recently gained 10/32 to 98 18/32, moving the yield down to 5.186%. The 30-year bond fell 14/32 to 95 12/32, raising the yield to 5.698%. ...