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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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