The Federal Reserve's differences have intensified the fog of interest rate cuts, and the price of US bonds has fallen and yields have risen

Treasury prices fell as traders digested divergent signals from Federal Reserve officials this week, blurring the path to a rate cut. Yields on Treasury bonds rose by about three basis points across maturities, with the yield on the two-year bond, which is closely tied to the Fed's policy expectations, rising to 3.60 per cent in New York on Wednesday. The yield on the five-year note was about 0.3 basis point higher than its pre-issue level after the auction, and the yield trend remained stable after the auction. Federal Reserve Chairperson Jerome Powell said on Tuesday that the central bank must address both labour market weakness and upside inflation risks as it weighs future policy. On Wednesday, Treasury Secretary Vincent Bescent expressed frustration that Powell had not yet set a clear interest rate cut agenda. Gregory Faranello, head of US rates trading and strategy at AmeriVet Securities, said: "It's a bit of a tug-of-war, with divisions within the committee." Corporate debt issues have also weighed on Treasuries, including Oracle Corp.'s bond sale. The software maker plans to raise $18 billion in the US investment-grade bond market on Wednesday, the second-largest bond offering this year.