Washington -- A 3/4 point hike in short-term interest rates by the Federal Reserve yesterday failed to do much for Treasury bond prices, as bill and more prices sank.

Exceeding many analysts' expectations, Fed officials raised the federal funds are to 5.50% from 4.75% and the discount rate to 4.75% from 4.00%, citing "persistent strength in economic activity and high and rising levels of resource utilization.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.