Bond sell-off almost over

Thoughtful decisions: Joggers pass the Federal Reserve building in Washington, DC. The central bank has noted that tighter policy is likely to exert a drag on hiring and economic growth. — Bloomberg

NEW YORK: The sell-off in US debt appears close to being over as the Federal Reserve (Fed) nears winding up its most aggressive rate hikes in a generation.

At the same time, monetary policy is poised to cede its central role in moving Treasuries to another force: The scale of the federal government’s deficit.