The yield on the 30-year U.S. Treasury note briefly breached 5%, while the 10-year equivalent hovered around 4.8%—its highest level since August 2007. Germany's 10-year Bund yield briefly touched 3%, for the first time in 12 years.
The rapid rise in rates in the past few weeks is increasingly spilling over into other financial markets and denting the allure of riskier assets like stocks. The S&P 500 closed Tuesday at its lowest level since early June, after falling 1.4%.. Hong Kong’s Hang Seng set a fresh 2023 low for the second day running. Indexes in Europe also retreated.ADP employment report
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