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Pfizer Is Under Pressure Today, Here Is Why

Reuters

TREASURIES-Yields march higher, 30-year yields hit 3%

St. Louis Federal Reserve Bank President James Bullard on Monday repeated his case for increasing interest rates to 3.5% by the end of the year to slow what are now 40-year-high inflation readings, saying that U.S. inflation is “far too high.” Many investors have so far been reluctant to step in and buy bonds as yields grind higher, and may remain cautious at least until the Fed’s May 3-4 meeting, when the U.S. central bank is expected to hike rates by 50 basis points and announce plans to reduce its $8.9 trillion balance sheet. “At this point the dip buyers are going to remain largely sidelined until we get through the Fed and we absorb the May refunding auctions,” said Ian Lyngen, head of U.S. rates strategy at BMO Capital Markets in New York.

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