Fed Holds Rates Steady as Two-Year Treasury Yield Drops Sharply

The Federal Reserve kept its benchmark interest-rate range unchanged at 3.75% to 4%, while the two-year U.S. Treasury yield briefly fell sharply in a market move relevant to crypto traders. The Fed left its policy range in place, but Treasury yields did not move uniformly across maturities. The two-year yield fell for a short period even as the 10-year Treasury yield continued to rise. That left the two maturities moving in opposite directions during the market reaction to the decision. Gold was down 0.5%, adding a decline in bullion to the market picture. The moves were mixed: the Fed held its rate range steady, the two-year yield dropped sharply but briefly, the 10-year yield climbed, and gold remained lower.

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