
On 12 November the US two-year Treasury yielded 4.86% and the ten-year 5.10%, both well above the 3.88% effective federal funds rate. Reports said the dollar hit a 19-month high, gold fell below $4,000 an ounce, and the yen touched 160 per dollar before rebounding.
Yields well above the policy rate point to expected further Fed hikes, which supports the dollar and weighs on gold. A stronger dollar and weaker yen raise the cost of dollar-priced commodities for importers in Japan and elsewhere.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.