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US 10-Year Treasury Yield Hits One-Year High of 4.59% as April CPI Comes in Above Forecast at 3.8%
The US 10-year Treasury yield climbed to 4.597% — a one-year high — after April CPI printed at 3.8%, above forecasts, while markets now price a 38% probability of a rate hike by December as the new Fed Chair inherits a persistently hot inflation picture.
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Kevin Warsh Is Now Chair of the Federal Reserve as Powell's Term Ends Today — Inheriting Inflation Above Target and a Rate Hike on the Table
Kevin Warsh became the 17th chair of the Federal Reserve today as Jerome Powell's term expired, confirmed 54-45 by the Senate — but instead of the rate cuts Trump allies expected, Warsh now faces inflation at 3.8% and a growing market probability of a hike before any cuts.