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Treasury 10-Year Yield Rises to 3% for First Time Since 2018

The selloff in Treasuries boosted the yield on the benchmark 10-year note to 3% for the first time in more than three years.

Increased inflation pressures -- fueled in part by the war in Ukraine as well as pandemic-related supply-chain issues -- have helped to drive up bond rates this year and have bolstered expectations for policy tightening by the Federal Reserve. Fed officials are due to meet this week and are widely expected to lift their overnight benchmark by a larger-than-normal 50 basis points, with further increases priced in across subsequent gatherings.