US 10-year yield falls below 4% as Fed signals end of rate hikes

FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the U.S. Treasury building in Washington, U.S., January 20, 2023. REUTERS/Kevin Lamarque/File Photo

NEW YORK/SINGAPORE: The benchmark 10-year U.S. Treasury yield on Thursday sank below 4% for the first time in four months, after the Federal Reserve flagged that its tightening policy is ending and rate cuts loom next year.

The 10-year yield fell roughly five basis points to bottom at 3.9840% in Asia hours on Thursday, extending its drop from the previous session.