10-year Treasury note yield hits highest level since 2002 as traders brace for key bond sale
U.S. Treasury yields climbed Wednesday after retreating in the previous session, as oil prices moved higher.
TL;DR
- U.S. Treasury yields climbed Wednesday, with the 10-year note reaching 5.35%, the highest since 2002, and the 30-year reaching a 24-year high.
- Traders are preparing for the sale of $39 billion in 10-year notes, a key auction testing investor demand amidst concerns about inflation, debt, and term risk.
- Rising yields and selling pressure are also observed in global markets, including France and the U.K.
- Investors are concerned about inflation and rising energy prices, with U.S. crude prices soaring 20% since the end of July.
- FOMC meeting minutes and the New York Fed's consumer expectations survey are due today, which may provide insights into future Fed policy and inflation outlook.