Federal Reserve Governor Christopher Waller said that the sharp rise in US long-term treasury yields is curbing demand in interest-sensitive sectors such as real estate and automobiles. Waller said that higher yields “took on part” the function of tightening monetary policy, even though this was not the original intention of the Federal Reserve. Yields in the US and other developed economies climbed to decades' highs, financial conditions tightened, and traders lowered their expectations for interest rate hikes.

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