, Columnist
Bond Markets Want to Break Free
Two-year yields last hit these levels in 2007, but accidents don’t happen the same way twice. Still, the Fed will be more pressured force a hard landing.
The still-hot labor market is keeping pressure on the Fed to hike rates.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
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Was this the day that the bond market finally staged a breakthrough? It certainly looks like it on many levels. Perhaps the most startling number came when the two-year Treasury yield topped 5%, and at one point hit a level not seen since June 2007, before the Global Financial Crisis.