Treasuries Fall for Fourth Day as Fed Speakers Signal Caution

Treasuries fell for the fourth session after a series of policymakers indicated the Federal Reserve will take a cautious approach to interest-rate decisions.

Two-year yields rose three basis points to 3.60% and increased across tenors, extending a move that began last week after the Fed delivered a quarter-point cut.

Following that decision, Chair Jerome Powell said the Fed is in a meeting-by-meeting situation, sparking the retreat. Comments from several Fed officials on Monday reiterated that tone as inflation continues to run above the bank’s target.

“Fed speakers were relatively hawkish,” said Tracy Chen, a portfolio manager at Brandywine Global ...