Treasury Yield Rises
S&P MARKETSCOPE: The 10-year Treasury note plunged 27/32 to 95-31/32 for a yield of 4.507% in a somewhat technical selloff sparked by inflation fears. The market is waiting to see if traders will find the yield attractive or signal to sell aggressively. The market did not respond to the Fed Beige Book that had mixed price information. Oil prices, which had surged most of the day to record levels, came off sharply toward the close and finished narrowly mixed. The dollar skidded. Fed officials have been hinting about potentially more aggressive Fed tightening.
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