The yield on the 10-year Treasury rose above 5.06% this morning-rocketing past the 5.026% level it reached earlier this month.
That's the highest level since July 2007. Yields jumped across the curve, with the 2-year yield hitting its highest level since 2024. European bonds sold off as well.
Yields climbed amid fresh evidience of inflionary pressures. Brent crude rose back above $100 a barrel this morning, and a monthly S&P survey showed rising private-sector business activity and price pressures. Yields spiked further when the survey released at 9:45 a.m. in New York.
Speaking in Chicago Wendesday morning, Fed governor Michael Barr said he expects the central bank will need to raise interest rates further to tamp down inflation.
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