Expectations of an early move by the US Federal Reserve to slow its support for the US economy firmed yesterday after the release of data showing a strengthening labour market and higher inflation.
The data triggered a sell-off in equity and bond markets with investors bracing for a so-called “tapering” of the massive purchases of bonds by the Fed that have helped prop up the economy since the financial crisis by keeping interest rates low.
The yield on the benchmark 10-year Treasury rose past 2.75 per cent for the first time since July 2011, breaching a ceiling that it had set during two previous bouts of Fed tapering talk over the past six weeks.
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