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Treasury yields are falling hard on Wednesday after Fed policymakers stuck with previous median projections that there will be a total of three increases in rates this year.

The move confounded predictions from some bullish analysts that it would release a more aggressive set of rate-raising forecasts and triggered a sharp rally in US government bonds.

Yield on the 10-year Treasury note, which moves inversely to price, fell by as much as 8.9 basis points to 2.511 per cent, its biggest intraday drop in two months. The 2-year yield was down 4.6 per cent at 1.330 per cent.

The dollar – as measured by the DXY index – fell 0.2 per cent.

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