U.S. Treasury yields hit highest level since July 2007 on Tuesday
U.S. benchmark bond yields rose to their highest point in nearly two decades on Tuesday as investors anticipate Federal Reserve rate hikes.
Yields climb toward decade high
The yield on the 10-year U.S. Treasury note reached 5.041 percent during trading on Tuesday morning. This figure marks the highest intraday level recorded since July 2007. The benchmark instrument subsequently closed above 5 percent for the session.
Global markets react to oil
Bond markets worldwide saw yields increase partly because rising oil prices boosted expectations for central banks to raise rates. Crude prices rose about 2 percent after attacks on Saudi Arabian energy infrastructure left a major pipeline offline. Libya indicated it might declare force majeure following protests that suspended production at its oil fields.
Investors brace for rate hikes
Market participants expect the Federal Reserve to begin a series of interest rate increases to address inflation pressures. Jim Barnes from Bryn Mawr Trust noted that recent data and geopolitical events point toward higher rates with no relief in sight.
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- Business Recorder
- The Hill
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