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Bond rout pushes 10-year Treasury yield to 5%

Bond rout pushes 10-year Treasury yield to 5%


Intensifying selloffs in the U.S. bond market pushed the yield on 10-year U.S. Treasuries to 5% for the first time in 16 years, extending a rout that has roiled stocks, driven up mortgage rates and fueled lingering fears of an economic slowdown.

A key driver of U.S. borrowing costs, the 10-year yield rose to within thousandths of a percentage point from 5% last week following a surprisingly strong retail sales report and comments of the chairman of the Federal Reserve. Jerome Powell which reinforced investors’ bets on stubbornly high short-term interest rates.

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Eleon

With a penchant for words, Eleon Smith began writing at an early age. As editor-in-chief of his high school newspaper, he honed his skills telling impactful stories. Smith went on to study journalism at Columbia University, where he graduated top of his class. After interning at the New York Times, Smith landed a role as a news writer. Over the past decade, he has covered major events like presidential elections and natural disasters. His ability to craft compelling narratives that capture the human experience has earned him acclaim. Though writing is his passion, Eleon also enjoys hiking, cooking and reading historical fiction in his free time. With an eye for detail and knack for storytelling, he continues making his mark at the forefront of journalism.
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