U.S. Treasury yields fell as investors remained focused on remarks from Jerome Powell that signaled the possibility of more rate hikes to tackle inflation.
"Although inflation has moved down from its peak — a welcome development — it remains too high," Powell said in prepared remarks."We are prepared to raise rates further if appropriate, and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective."
With inflation steadily decreasing — but still above target — in many major economies, attention is increasingly turning to how central bankers will respond to a deteriorating growth outlook.
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