U.S. Treasury yields were mixed on Friday, with some maturities pulling back from highs, as selling eased amid uncertainty surrounding the timing of the Federal Reserve's first interest rate hike since December 2018 and the number of such increases.
Fed policymakers are also expected to announce plans to begin tapering the central bank's $120 billion in monthly purchases of Treasuries and mortgage-backed securities at the end of their two-day meeting next week."Treasuries will be sensitive to any Fed concerns about high inflation readings, which could bring an earlier start to the hiking cycle," TD Securities wrote in its latest research note.
Wells Fargo, though, does not agree with the rate futures market, instead calling for the first hike in mid-2023. U.S. yield curves, meanwhile, continued to flatten as investors priced in a Fed hike next year. The spread between U.S. 5-year and 30-year yields narrowed to 72.9 basis points, the tightest since late March 2020. It was last at 75 basis points.
The U.S. 5-year yield, another part of the curve that is sensitive to Fed rate expectations, was flat at 1.1896% . It rose 20 basis points this month, the steepest gain since February 2021.
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