After remarks from Federal Reserve Governor Waller, traders have fully priced in market expectations of a 25 basis point rate hike by the Federal Reserve this year.

The Bloomberg Dollar Index hit a new daily high. U.S. Treasury yields made a V-shaped reversal, returning above 4.57%; at 21:16 Beijing time, they had fallen to a new daily low of 4.5241%. The two-year U.S. Treasury yield rose to 4.1231%, reaching a new daily high, with intraday gains expanding to about 3.7 basis points; at 21:16 Beijing time, it had also touched a daily low of 4.0505%. The yield on two-year Treasury Inflation-Protected Securities (TIPS) rose by 9.73 basis points to a new daily high of 1.4266%, trending upwards since 19:11 Beijing time (from below 1.3%). The S&P 500 Index rose over 0.4%, the Dow Jones Industrial Average gained 287 points or 0.57%, the Nasdaq rose 0.28%, the Semiconductor Index rose 1.88%, and the Banking Index rose 0.47%.