Treasury yields rose to fresh highs after Fed Chairman Jerome Powell announced a 75 basis point hike in Fed’s benchmark rates.

The two-year yield recently rose to 4.121%, from a 3.962% settlement Tuesday and the 10-year yield recently rose to 3.612%%, from a close at 3.571% Tuesday, shortly after the central bank announced another interest rate hike. Bond yields rise as their prices fall.

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Higher rates set by the central bank boost the interest that financial giants can earn from overnight lending, raising Treasury yields. Higher Treasury yields set a floor on borrowing costs throughout the economy, increasing interest payments on home mortgages and the cost of corporate debt.

Investors had widely anticipated the Fed to hike rates by 0.75 percentage points, although there had been some speculation about a full-percentage-point increase. Many also expected that officials would forecast a fed-funds rate of at least 4% by the end of the year, up from their previous forecast of roughly 3.4%.

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Most Fed officials projected on Wednesday that the Fed funds rate, currently at a range of 3% to 3.25%, will finish next year above 4.5%, forecasting further rate increases into next year.

US Treasury prices were choppy Wednesday ahead of the Federal Reserve’s interest rate decision, with short-term yields reaching new multiyear highs even as longer-term yields edged lower.

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In recent trading, the yield on the benchmark two-year Treasury note, which tends to follow expectations for Fed action, was hovering around 4%, marking another landmark in this year’s relentless rise in interest rates.

The yield on the 10-year note was 3.561%, down from 3.571% Tuesday, its highest close since March 2011.

Yields, which fall when bond prices rise, slipped overnight after Russian President, Vladimir Putin took steps to escalate the war in Ukraine, ordering the mobilization of reserve forces and hinting at Russia’s nuclear-weapons capabilities.

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However, the decline in longer-term yields was moderate and Fed’s interest rate decision was poised to take over all of the investor’s attention.