"Treasury Yields Dip Below 4% Amid Fed Evaluation and Economic Data"

The 10-year U.S. Treasury yield dropped below 4% as Federal Reserve chair Jerome Powell indicated that an interest rate cut was unlikely at the March meeting but could happen later in the year. The benchmark yield fell nearly 13 basis points to 3.929%, while the 2-year Treasury yield also decreased. Powell suggested that the Fed was nearing rate cuts but did not confirm a "soft landing" economic scenario had been achieved, stating that it would likely be appropriate to begin dialing back policy restraint at some point this year.