Ten-year U.S. Treasury yield hits 5%
LONDON - The yield on the benchmark 10-year U.S. Treasury note rose above 5.0% on Monday, hitting the July 2007 milestone that it briefly attempted to scale last week.
Yields at the long-end rose quickly after Federal Reserve Chair Jerome Powell said last week that the U.S. economy's strength and hot labour market might warrant tighter financial conditions.It was briefly bid at a 16-year high of 5.001% on Thursday. It has risen 160 basis points since mid-May. Treasury borrowing costs have climbed, and a divided Congress has bickered over next year's spending bills while using stopgap measures to avert a shutdown of government operations.In the year to September 2023, the U.S. government posted a $1.695 trillion budget deficit, a 23% jump from the prior year and the largest since a COVID-fueled $2.78 trillion gap in 2021.
"It's a major milestone, the fact the entire curve is at or above 5% is remarkable," said Kyle Rodda, senior financial markets analyst at Capital.com.
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