Treasury yields are mixing as midterm election of U.S. outcomes enter

Treasury yields are mixing as midterm election of U.S. outcomes enter

November 10, 2022: On Wednesday, Treasury yields were mixed as markets closely watched midterm election results, and it stays unclear which party would have the U.S. House of Representatives and Senate.

At nearly 4:10 a.m, the yield on the benchmark 10-year Treasury was decreased one basis point to 4.1405%. The 2-year Treasury yield was down by nearly one basis point to 4.6615%.

Yields and prices are moving in opposite directions, and one basis point is similar to 0.01%.

The outcome of the U.S. congressional is in midterm elections could shift spending and monetary policy if Republicans control the House and Senate from Democrats.

Market concerns about almost high inflation could be affected by the results.

Several Federal Reserve speakers are because they make remarks on Wednesday, which traders will be watching for hints about a potential slowdown of interest rate hikes. Concerns regarding the central bank hiking rates too high and quickly possibly pulling the U.S. economy into a growing recession.

The Fed completed its November meeting in the previous week with the fourth consecutive 75 basis point rate increase.

The central bank is using rate hikes as a tool in its battle against persistently high inflation. On Thursday, Investors are looking to the release of October’s customer inflation figures to get whether the Fed’s policy is starting to show effects. 

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