10-year U.S. Treasury yield hits highest level since November 2023 as global bond sell-off continues
The 10-year U.S. Treasury yield reached its highest level since November 2023, driven by inflation concerns and global bond sell-offs. Investors are reacting to economic data and potential interest rate hikes by central banks.
Why it matters
Rising Treasury yields serve as a benchmark for consumer debt, impacting mortgage and auto loan rates for the general public.
The 10-year Treasury note yield reached a fresh multiyear high on Wednesday as inflation and debt concerns pressured global government borrowing costs.
The yield on the 10-year Treasury note — the main benchmark for mortgages, auto loans and credit card debt — was last down more than 1 basis point at 4.78%. It reached 4.818%, its highest level since November 2023 earlier in the day.
The 30-year Treasury yield was less than 1 basis point lower at 5.259%, while the yield on the 2-year Treasury note fell more than 2 basis points to 4.369%.
One basis point equals 0.01%, and yields and prices move inversely.
Yields had also risen higher globally as investors continued to demand a greater premium to take on medium- and long-term government debt.
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