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2026-05-22 23:01:37
U.S. Treasury yields rose as Federal Reserve Governor Waller shifted to a more dovish stance and U.S. consumer confidence fell more than expected. Waller stated that the protracted Middle East conflict increases the risk of energy inflation spreading to the economy, therefore the Fed should stop suggesting that interest rate cuts are its most likely next step. This contradicts his previous stance of supporting rate cuts. Meanwhile, amid rising inflation concerns, the University of Michigan consumer sentiment index fell to 44.8 from 49.8 in April. Brent crude oil rose about 2%, and the Wall Street Journal dollar index edged higher. The 10-year U.S. Treasury yield rose to 4.572% from 4.552% before Waller's speech and the data release. The 2-year U.S. Treasury yield rose to 4.117% from 4.089%.
