[Asia Economy Reporter Jang Hyowon] As the Federal Reserve's (Fed) commitment to tightening was reaffirmed, government bond yields generally rose on the 18th.
On that day in the Seoul bond market, the 3-year government bond yield closed at an annual rate of 3.069%, up 3.8 basis points (1bp=0.01 percentage points) from the previous trading day.
The 10-year yield rose 3.3bp to 3.320% per annum. The 5-year yield increased by 3.9bp, but the 2-year yield fell by 1.0bp, closing at 3.269% and 2.796% per annum, respectively.
The 20-year yield rose 4.1bp to 3.255% per annum. The 30-year and 50-year yields increased by 2.3bp and 1.8bp, respectively, recording 3.165% and 3.142% per annum.
Fed Chair Jerome Powell said at a Wall Street Journal (WSJ) hosted event on the 17th (local time), "We will continue to push (rate hikes) until we see inflation clearly and decisively coming down."
He also stated that there is "broad support within the Federal Open Market Committee (FOMC)" for the expectation that the Fed will implement a 'big step' of raising the benchmark interest rate by 50bp at once in June and July, following May.
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