Treasuries Close Roughly Flat After Late-Day Pullback

(RTTNews) - After turning in a strong performance throughout much of the trading day on Wednesday, treasuries came under pressure late in the session. Bond prices pulled back well off their highs of the session, ending the day roughly flat. The yield on the benchmark ten-year note, which moves opposite of its price, crept up by less than a basis point to 5.010 percent after hitting a low of 4.940 percent. The late-day weakness among treasuries came after the Federal Reserve announced its widely expected decision to raise interest rates for the first time since July 2023. The Fed said it decided to raise the target range for the federal funds rate by 25 basis points to 3.75 to 4 percent in support of its dual mandate.