The Treasury market restored the full pricing of Federal Reserve tightening by July, which would be the last interest-rate hike in 2023. The latest shift in expectations for Fed policy was accompanied by a slide bonds, with the yields on two- and five-year Treasuries up at least 11 basis points. Selling picked up after the Bank of Canada cited stubborn inflation pressures for delivering a quarter-point hike Wednesday. The rate on swap contracts linked to the July gathering climbed to 5.33% on Wednesday, or 25 basis points above the current effective fed funds rate of 5.08%. The June swap showed 10 basis points of ... (full story)