– Christopher Swann is a Reuters columnist. The views expressed are his own —
The Federal Reserve is entering a period of transition as a two-day meeting concludes today. Many questions remain on whether a recovery can take hold and on whether the central bank should start withdrawing from the extraordinary measures it took during the financial crisis. This may also be the beginning of the end of the Bernanke era at the Fed: President Obama must decide by next year whether to renominate the Fed chairman, whose term expires at the end of January.
A plethora of articles are circulating this morning as the handwringing intensifies whether the rise in U.S. Treasury yields – the world’s debt benchmark – will kill the green shoots of an economic recovery. Wall Street Journal weighs in here and the FT here and here. All eyes will be on today’s $11 billion reopening of the 30-year bond to see if the hammering continues. Auction results due out around 1 pm and can be found here.