U.S. Treasury yields rise as Fed holds rates steady, signals only one cut this year

U.S. Treasury yields increased after the Federal Reserve announced its decision to leave interest rates unchanged. The Fed indicated that only one rate cut is anticipated before the end of the year. The rate on the 10-year Treasury rose over 2 basis points to 4.316%. The 2-year Treasury yield also rose nearly 2 basis points to 4.768%. The Fed expressed a slight optimistic outlook on inflation, stating that it remains on track towards their 2% goal. Additionally, initial jobless claims for the week ending June 8 and the producer price index for May will be released at 8:30 a.m. ET.