Treasury yields pull back from multi-year highs as market frenzy abates

What’s happeningWhat’s driving markets Treasury yields were moving lower as the sovereign bond sector steadied after savage selling of U.K. assets triggered broader market angst at the start of the week.

U.S. 10-year benchmark yields in the previous session threatened to break above 4% for the first time since 2008, amid sustained concerns about aggressive Federal Reserve interest rate hikes to combat inflation. Some of those moves were being unwound on Tuesday, but investors remain wary, particularly given Federal Reserve speakers continued to stress the central bank would remain aggressive in its battle to tame inflation.

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