It's been a long time coming. A global selloff in longer-term government bonds has pushed 10-year Treasury yields close to 5% for the first time since 2007, before the financial crisis ushered in more than a decade of ultra-low interest rates. Yields rose above 4.958% on Thursday having settled at their highest level since July 2007 on Wednesday.
Driving longer-term yields higher is the realization that the Federal Reserve is likely to keep interest rates at high levels next year, said Altaf Kassam, a strategist at State Street Global Advisors. 'The economic data is still strong, so that doesn't give the Fed an easy excuse to start cutting rates,' he said. 'The fight against inflation hasn't been definitively won.' Adding fuel to the selloff, according to Kassam, is concern about the trajectory of U.S. borrowing.
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