10-Year Treasury Yield Hits Its Highest Level Since 2007

Treasury yields reached their highs of the day after the release of new U.S. unemployment data.

  • U.S. Treasury yields continued their march higher Thursday, reaching multiyear highs, as investors digested the Federal Reserve’s interest rate decision and forward guidance along with new unemployment data.
  • The yield on the 10-year Treasury was up by around 12 basis points at 4.472%, hitting a fresh 2007 high in the session.
  • Traders seemed to interpret the data as a sign the Fed may need to tighten policy further to tame inflation.
  • Policymakers also suggested that they are expecting one more rate hike to come this year and rates to stay higher for longer, with just two rate cuts forecast for 2024.
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