NEW YORK (MarketWatch) -- U.S. Treasury prices fell Wednesday, sending yields higher, after the world's major central banks moved in concert to slash key interest rates. Ten-year note yields gained 2 basis points, or 0.6%, to 3.529%. The Federal Reserve said it had cut its key lending rate by a half point to 1.5%. The Frankfurt-based European Central Bank trimmed its key refi rate to 3.75% from 4.25%, while the Bank of England cut its key rate to 4.5% from 5%. The Bank of Japan sat out the move, but issued a statement backing the action. "The markets will remain fixated on today's action, hoping this is the silver bullet to restore confidence and market order, as central bank officials and especially the Fed, are running out of bullets," said analysts at Action Economics.
