The 10-year US Treasury yield rose more than 5.8 basis points on the day the Federal Reserve cut interest rates

At the New York closing on Wednesday (September 18th), the yield on the 10-year US Treasury benchmark bond rose by 5.82 basis points for the second consecutive trading day, reaching 3.7038%. At 02:00 Beijing time, the Federal Reserve announced a 50 basis point rate cut, and Fed Chairman Powell subsequently held a press conference, triggering a V-shaped reversal. The trading range for the day was 3.6325%-3.7188%. The yield on the 2-year US Treasury bond rose by 1.23 basis points to 3.6172%, trading in the range of 3.5377%-3.6590% during the session, hitting a daily low when the FOMC announced the rate cut. The 02/10-year US Treasury yield spread increased by 4.310 basis points to +8.034 basis points, hitting a daily low of -1.951 basis points at 02:00. The yield on the 10-year US Treasury Inflation-Protected Securities (TIPS) rose by 5.43 basis points to 1.5912%, dropping to 1.4930% at 02:33, approaching the low of 1.4562% on July 27, 2023