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Bond Report: 10-year Treasury yield jumps most in six months as details of tax reform emerge

U.S. Treasury prices retreated further on Wednesday, driving yields higher, after the White House unveiled further details of its plan to overhaul the tax code, reviving the so-called reflation trade that was underpinned by hopes that President Donald Trump’s fiscal agenda would stoke inflation pressures.

Investors also sold their holdings of government paper after Federal Reserve Chairwoman Janet Yellen on Tuesday outlined the Fed’s reasoning for an additional rate increase this year. Fed funds futures traders are pricing close to an 80% chance of another rate increase in 2017, compared with about 38% a month ago, according to CME Group data.

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