British Airways suffers flight delays after global IT outage
LONDON, May 27 British Airways flights in Britain were being delayed and passengers were suffering long waits at airports on Saturday because of a global system outage, the airline said.
(Adds details on Fed expectations, quotes, updates prices) * Yellen gives hawkish testimony before Senate * 10-year yields highest in more than a week By Karen Brettell NEW YORK, Feb 14 U.S. Treasury yields jumped on Tuesday after Federal Reserve Chair Janet Yellen said it would be unwise to wait too long to raise interest rates, striking a more hawkish tone than investors expected. The U.S. central bank will likely need to raise rates at an upcoming meeting, Yellen said, although she flagged considerable uncertainty over economic policy under the Trump administration. Yellen said delaying rate increases could leave the Fed's policymaking committee behind the curve and eventually lead it to hike rates quickly, which she said could cause a recession. "What we are seeing is a down trade on the headline that waiting too long to tighten monetary policy would be unwise. I think that's the biggest headline that everyone reacted to," said Ian Lyngen, head of U.S. rates strategy at BMO Capital Markets in New York. Benchmark 10-year notes were last down 10/32 in price to yield 2.47 percent, after rising as high as 2.50 percent, the highest since Feb. 3, where the notes have technical support. The yield curve between five-year notes and 30-year bonds flattened to 109 basis points, the lowest since Feb. 1. "The comment that it's unwise to keep rates this low for this long, that's what everybody keyed in on and it just brought the market down," said Tom di Galoma, managing director at Seaport Global Holdings. Before the comments, "people weren't necessarily sure she was going to be hawkish and a lot of folk were buying the belly and selling the long-end," di Galoma said. Intermediate-dated notes, which are also referred to as the "belly" of the U.S. yield curve, typically underperform when rate increases are viewed as more likely. Traders are now pricing in an 18 percent chance of an interest rate increase at the Fed's March meeting, up from 13 percent on Monday, according to the CME Group's FedWatch Tool. The chances of a hike by the Fed's June meeting rose to 71 percent, from 65 percent. Richmond Fed President Jeffrey Lacker also said on Tuesday that the Fed will likely have to raise interest rates more rapidly than financial markets currently expect given that any new policies by the Trump administration, while uncertain, will force the Fed's hand. Yellen will also testify before the House Financial Services Committee on Wednesday. Economic releases, including consumer price inflation, manufacturing and retail sales data, are also in focus this week. (Editing by Meredith Mazzilli and Cynthia Osterman)
May 26 Hackers used malware to steal customer payment data from most of Chipotle Mexican Grill Inc's restaurants over a span of three weeks, the company said on Friday, adding to woes at the chain whose sales had just started recovering from a string of food safety lapses in 2015.