The Fed cut. Daily yields still rose.
A half-point policy cut did not translate into lower daily Treasury par yields. This case challenges a simple “cut means yields fall” rule.
Inspect the sources and alternatives- 01Verified sourceFederal Reserve + Treasury
- 02Policy decisionTarget cut by 0.50 percentage point
- 03Measured reaction2-year +2 bp · 10-year +5 bp
- 04Possible mechanismPrior expectations; future policy path
- 05Challenge the claimOther daily drivers remain untested
September 17 → 18 daily par-yield estimates, not bond returns or an intraday event study. This does not establish that the cut caused the rise. No causal confidence score is assigned.