0727 GMT - The minutes of the Federal Reserve's October meeting were on the hawkish side and showed divisions on the future rate path, says Jefferies's Mohit Kumar in a note. The reduced likelihood of a Fed interest-rate cut in December--currently at a 24.4% probability, according to LSEG data--has driven Treasury yields slightly higher. The 10-year Treasury yield is now nearly within Jefferies's target range of 4.15%-4.20%, says the global economist. "Hence, we see only limited upside in rates from these levels." Jefferies still has a modest short position in 10-year Treasurys but would use any further selloffs to exit that, Kumar says. The 10-year Treasury yield rises 1.2 basis points to 4.142%, according to Tradeweb. (emese.bartha@wsj.com)

(END) Dow Jones Newswires

November 20, 2025 02:29 ET (07:29 GMT)

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