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Fed Chair Warsh Reaffirms 2% Target, 10-Year Yield Hits 4.47%

7/3/2026

Summary

Story summary

Federal Reserve (Fed) Chair Kevin Warsh said Fed will stick to its 2% inflation target.
The 10-year Treasury yield rose 5 points to 4.47% after his remarks.
UBS said markets price two 25-basis-point hikes this year, called it too aggressive, and reported June ADP payrolls rose 98,000—the strongest three-month stretch in over a year—while wage growth slowed, and said task-force appointments will keep rates steady, aiding short- to medium-maturity bonds.

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Story summary

Federal Reserve (Fed) Chair Kevin Warsh said Fed will stick to its 2% inflation target.
The 10-year Treasury yield rose 5 points to 4.47% after his remarks.
UBS said markets price two 25-basis-point hikes this year, called it too aggressive, and reported June ADP payrolls rose 98,000—the strongest three-month stretch in over a year—while wage growth slowed, and said task-force appointments will keep rates steady, aiding short- to medium-maturity bonds.