The 10-year U.S. Treasury yield traded above 5%, extending a dramatic run-up in the benchmark rate that underpins borrowing costs from mortgages to student loans. Yields, which move inversely to bond prices, crashed to just over 0.5% in the depths of the pandemic in early 2020.
They have since rebounded, as the Federal Reserve has hiked interest rates to tame inflation and reversed its earlier bond-buying program, and as the U.S. government’s borrowing requirements have shot up. If the selloff holds through the end of the day, this would mark the first time since July 2007 that the 10-year yield has settled above 5%.
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