U.S. government debt yields were slightly higher Monday after Federal Reserve Chairman Jerome Powell described the U.S. economy as healthy and downplayed questions that President Donald Trump could remove him from office.
The leader of the U.S. central bank said that he believes President Donald Trump cannot fire him despite any frustration the White House may have with higher borrowing costs.
"The law is clear that I have a four-year term, and I fully intend to serve it," Powell told the news magazine show. Asked directly if he thought Trump could fire him, he said, "no."
Powell added that he thinks the economy looks strong and he and his colleagues at the Fed will be making future policy decisions based on the available data. "I would say there's no reason why this economy cannot continue to expand," he said.
At 9:07 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 2.637 percent, while the yield on the 30-year Treasury bond was also higher at 3.025 percent.