US stocks finished the first day of March in mixed territory as investors continue to fear the prospect of higher for longer interest rates.the highest level since November. Meanwhile, the 1-year Treasury yield jumped above 5.10% to its highest level since 2006.
The higher borrowing costs come as the Federal Reserve is expected to hike benchmark rates at least two more times to above 5%, and further increases could be possible as it attempts to tame inflation. The inflation rate unexpectedly accelerated in Germany last month, and food inflation in the UK also surged, according to recent data. That's raising fears that the same thing could happen in the US. Any inflation readings that don't show meaningful deceleration raise the risk that interest rates will stay higher for longer.
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