Treasury Yields Plummet After Fed Drops "patient" From Policy Statement

U.S. Treasury yields plummeted Wednesday, after the Federal Reserve dropped the word "patient" from its policy statement, indicating that a rate hike is approaching, but revised the dot-plot projection to a slower upward pace than previously expected. The dot-plot is a chart that maps out individual policy maker's forecasts for overnight interest rates through 2017.The yield on the benchmark 10-year Treasury note fell 7.9 basis point to 1.979%, according to Tradeweb, dropping below 2% for the first time since Feb. 6th. The two-year note shaved off 9.7 basis point to 0.585%, and the 30-year bond yield declined 6.6 basis points to 2.558%.