10-Year Treasury Yield Tops 4.9% Amid Inflation Concerns
The 10-year US Treasury yield has surged to 4.943%, its highest close since late 2023, driven by oil prices topping $100 and a firm wholesale inflation report. Markets are now heavily pricing in a potential Fed rate hike next week, a move that has pushed 30-year mortgage rates above 7% and weighed on equity markets.
Per GN auto markets/bonds, the 10-year yield has climbed to 4.943%, a level not seen since October 2023, as markets now price in a 67.4% probability of a Federal Reserve rate hike next week. This shift in expectations follows Brent crude surging to $107.63 and the Treasury’s purchase of $5.2 billion in long-dated bonds, falling just short of the $6 billion target.
Source: GN auto markets/bonds: treasury yieldsThe 10-year US Treasury yield crossed 4.9% on Thursday, marking the highest level since November 2023. This move follows a recent spike in wholesale inflation and oil prices above $100.
Source: GN auto markets/bonds: treasury yields
