Fed’s Hammack Says Yields Reflect Growth, US Debt and Rate Path

Federal Reserve Bank of Cleveland President Beth Hammack attributed higher long-term Treasury yields to three factors: a stronger growth outlook, concerns about government debt, and expectations for additional interest-rate increases by the Federal Reserve. Hammack made the statement in her capacity as president of the Cleveland Fed, one of twelve regional Federal Reserve banks. Treasury yields are used as a benchmark for mortgage rates and other long-term borrowing costs.

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