Por Ross Kerber
Feb 23 (Reuters) – U.S. Treasury yields were stable on Tuesday after Federal Reserve Chairman Jerome Powell appeared before Congress in Washington.
* The return on 10-year benchmarks rose less than one basis point to 1.3704%. At the beginning of the week it had reached 1.394%, the highest level in a year, due to expectations of faster growth in the United States.
* America’s economic recovery remains “uneven and far from complete” and it will be “some time” before the Federal Reserve considers changing the policies it adopted to help the country return to full employment, Powell said.
* Expectations of a rebound in prices have already boosted longer-term US yields significantly since the summer, with the 30-year bond yield reaching 2.34% on Tuesday, the level highest since early January 2020.
* A widely watched part of the yield curve that measures the gap between the yields on two-year and 10-year Treasury notes, seen as an indicator of economic expectations, was at 126 basis points, about one basis point higher than at the close of Monday.
* Two-year paper yields, which typically keep pace with interest rate expectations, fell less than one basis point to 0.1129%.
(Reporting by Ross Kerber in Boston; Edited in Spanish by Javier Leira)