Bonds are supposed to be boring. But there is nothing dull about a 5% yield on the benchmark 10-year U.S. Treasury note, a pyschologically significant level that is on the cusp of being reached for the first time since 2007.The 10-year yield was up 0.1 percentage point on Thursday, to 4.97%. It has climbed 1.
Yields elsewhere on the Treasury curve have also been rising lately, but the 10-year tends to get the most attention. The 2-year Treasury note yield was 5.23% on Thursday. Higher bond yields mean more competition for stocks as an attractive alternative in investors’ portfolios. They weigh most on the high-multiple shares of growth companies that are expected to generate more of their profits in the future.
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