New York Fed President John Williams, speaking at the 2022 U.S. Treasury Market Conference on Wednesday, said that a well-functioning Treasury market is critical for the U.S. economy and the world. He also said that price stability is a "must-have'' for the central bank and that the Treasury market "is at the center of it all," so the "time is now" to find ways to strengthen core parts of financial system. His remarks suggest the Treasury market needs to be buttressed and came as bond investors flashed deeper worry about the economic outlook, with the spread between 2- and 10-year Treasury yields shrinking to as little as 64 basis points as of Wednesday morning.
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