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Two-year treasury yield drops below 0.70%

FXStreet (Mumbai) - The yield on the two-year Treasury note in the US tumbled more than 12 basis points to trade below 0.70% after the Fed held rates unchanged and stayed non-committal regarding the timing of the liftoff.

The yield hit a low of 0.694, before recovering slightly to trade around 0.70%. The yield on the 10-year treasury note also fell more than 8 basis points to 2.213%.

Dovish Fed

Fed revised its median interest forecasts lower, acknowledged the negative impact of the turmoil in China and other EMs on the US economy, and called for further improvement in the labor market and signs of inflation moving towards the Fed target before rates could be moved.

Consequently, rate hike bets represented through the two-year yield dropped sharply. Moreover, Yellen did not hint at a December rate hike as well.

Yellen says most participants continue to anticipate a rate hike this year

In the Q&A section, Fed Chair Yellen said if their is viable possibility of a rate-hike in October, a special press briefing will be called if required.
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