10-Year Treasury Yield Gains as Bonds Sell Off on Fed News

Treasury TMUBMUSD10Y +1.05% yields took a U-turn on Wednesday afternoon following the Federal Reserve’s decision to increase short-term rates by three quarters of a percentage point for the fourth straight time.

Shortly after the announcement, the yield on the 10-Year U.S. Treasury note was at 3.99%, down from the 4.05% it closed at on Tuesday. Bond yields and prices move inversely. The yield had been at around 4% when the announcement occurred.