India, March 19 -- Treasuries saw weakness throughout much of the trading session on Wednesday but moved to the upside in reaction to the Federal Reserve's monetary policy announcement.
Bond prices jumped well off their worst levels and into positive territory. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, fell 2.5 basis points to 4.256 percent after reaching a high of 4.323 percent.
The turnaround by treasuries came after the Fed announced its widely expected decision to once again leave interest rates unchanged, but projections signaled the central bank is still likely to lower rates later this year.
The Fed said it decided to maintain the target range for the federal funds rate at 4.25 to 4...