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The yield on the benchmark 10-year Treasury note
fell to multiweek lows on Wednesday while the Federal Reserve's latest
meeting minutes revealed members split over the direction of inflation. The yield on the benchmark 10-year Treasury note
fell to 2.824 percent at 2:11 p.m. ET, off a low of 2.808 percent
earlier in the session. That low marked the 10-year yield's lowest level
since July 6. The 30-year Treasury bond yield was in the red at 2.986 percent. Bond yields move inversely to prices.
Minutes from the most recent Federal Open Market
Committee gathering showed members fairly confident that "strong"
economic growth will persistent at least for the months to come.
Officials said it would "likely soon be appropriate to take another step
in removing policy accommodation," an indicator for a looming rate hike that is widely expected by markets. "The topics discussed at
the August FOMC meeting signaled that the Fed has made progress in it's
rate hiking campaign, but it is starting to see some downside risks,"
said Ian Lyngen, head of U.S. rate strategy at BMO Capital Markets. " From Thursday to
Saturday, leading central bankers are gathered in Jackson Hole, Wyoming,
to discuss the future of monetary policy and the ever-changing market
structure. Fed Chair Jerome Powell is due to speak to attendees on
Friday. The economic symposium and Fed minutes came amid tension between
the central bank and the U.S. administration. On Monday, President
Donald Trump told Reuters that he would continue to criticize the
Federal Reserve if it persisted with raising interest rates. He added
that the Fed should do "what's good for the country." Trade talks with China are set to kick off in Washington today, with a nine-member delegation from Beijing speaking to U.S. officials in order to find some way of relieving friction
between the two nations. If the meeting goes well, this could lead to a
future meeting between presidents Donald Trump and Xi Jinping. Trump,
however, isn't expecting much progress from the talks.