Treasury yields pull back from highs

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U.S. Treasury yields slipped Thursday, as the Federal Reserve and central banks around the world indicated they would get more aggressive in their bid to curb rising inflation.

The yield on the benchmark 10-year Treasury note traded 8 basis points lower to 3.311%, after notching an 11-year high earlier in the week, while the 30-year Treasury bond slid 3 basis points to 3.375%. The 2-year Treasury rate, which is more sensitive to U.S. monetary policy changes, dropped about 11 basis points to 3.173%. Yields move inversely to prices, and 1 basis point equals 0.01 percentage point.

As stock prices hit their lows, yields came off their highs as some investors scrambled into bonds on fears a recession was ahead. Bond prices move inversely to yields so the run into Treasuries as stocks fell caused rates to decline.

Thursday's moves came after the Swiss National Bank overnight raised rates for the first time in 15 years. The Bank of England was set on Thursday to raise rates for the fifth straight time.

On Wednesday, the Fed raised rates by 75 basis points, marking is biggest rate hike since 1994.

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