The benchmark 10-year Treasury yield rose above 2.2%, the highest since May of 2019 after the Fed hiked the federal funds rate by 25bps as expected but signaled six more rate hikes this year, more than initially expected.


It was the first increase in the interest rate since 2018, after the latest CPI data showed that the annual inflation rate accelerated to 7.9% in February.


Price data is yet to account for the recent surge in commodity prices due to the Russian invasion in Ukraine, while the central bank said the economy faces strong uncertainty amid consequences of the war.


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