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Treasury 10-Year Yield Hits 4% as Bets on Fed Rate Peak Increase

  • ISM gauge of factory activity rose for first time in 6 months
  • US 30-year is only major benchmark that hasn’t breached 4%
Bloomberg business news
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Treasury 10-year yields topped 4% for the first time since November, signaling that the Federal Reserve’s warnings of higher-for-longer rates are finally sinking in.

A selloff in bonds pushed the yield on those notes up as much as 8 basis points Wednesday. Prices have declined for much of the past month as indications of a hot labor market and persistently high inflation had traders amping up bets on additional tightening. The 30-year bond is the only major benchmark whose yield has yet to crack the 4% threshold this year.