Bond yields climbed after major central banks warned about the potential for more interest-rate hikes, with officials signaling they’re nowhere near ready to declare victory over inflation.
Treasury two-year yields hit the highest since March as Jerome Powell said the US may need one or two more rate increases in 2023 while the Bank of England cautioned it may have to hike again after delivering a half-point boost. A key section of the German yield curveBloomberg Terminal inverted the most since 1992 on economic concern. Norway’s krone led gains among developed currencies as the nation’s officials pledged more aggressive tightening.
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