Alex Wong | Getty Images
Federal Reserve Board Chairman Jerome Powell testifies during a hearing before the Senate Banking, Housing and Urban Affairs Committee July 17, 2018 on Capitol Hill in Washington, DC.
The 2-year Treasury yield hit its highest level since June 2008 after the Federal Reserve showed no signs of changing course on its plans for further rate hikes despite recent turbulence in financial markets.
The Fed’s policymaking arm, the Federal Open Market Committee, unanimously held the federal funds rate in a range of 2 percent to 2.25 percent. Markets had forecast the central bank…