Bond traders step back from 3% yield to watch Powell navigate Fedspeak

NEW YORK: Bond traders came the closest in four years to a 3% yield on the 10-year Treasury note. Whether it breaches that level may be determined by how new Federal Reserve chairman Jerome Powell handles the limelight.

Powell, who took over from Janet Yellen this month, will speak before the House Financial Services Committee tomorrow and the Senate Banking Committee two days later, in what’s known as the Humphrey-Hawkins testimony.