10-Year Yield Steady as Waller Says More Hikes Needed — SkimNews
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- 10-year Treasury yield was little changed as the Fed's Waller said more rate hikes are needed, with investors awaiting the 30-year auction, per CNBC.
- Coverage diverged on the Fed's timeline: Axios reported the Fed is taking its time with rate hikes, while a New York Times headline said a top Fed official cast further doubt on a rate rise this month, and a separate fragment referenced the Fed being 'unanimous about raising rates.'
Why it matters: Waller's call for additional hikes sits uneasily alongside other Fed messaging emphasizing patience and doubt about an imminent move, exposing a split between hawks and doves at a moment when investors are about to price a 30-year Treasury auction. The auction's demand will reveal how much the long end can absorb if the tightening cycle extends.
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