Bloomberg: Treasury Yields Suggest Warsh’s Patience Is Misplaced

In the wake of Federal Reserve Chair Kevin Warsh’s press conference, long-end U.S. Treasuries acted up, with the 30-year yield rising by more than 11 basis points during the session. Such significant volatility points to one thing: the market is sending a signal to Warsh that the Fed should have raised rates today. If price discovery and elevated volatility become the new normal, the stock market will not be pleased, which explains why major stock indices have given back all their initial gains.