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Tags: 10-year treasury bond yields

10-Year Treasury Yields, at 4.29%, Highest Since Oct.

10-Year Treasury Yields, at 4.29%, Highest Since Oct.
(Dreamstime)

Thursday, 17 August 2023 11:00 AM EDT

U.S. government bonds continued to sell off on Thursday, with long-dated yields rising to their highest since October on growing expectations that a resilient economy will keep interest rates higher for longer.

The yield on 10-year U.S. Treasury Inflation-Protected Securities (TIPS), meanwhile, rose to 1.99%, its highest since 2009 in a further sign of expectations policy will remain tight.

Wednesday's release of the Federal Reserve's July meeting minutes showed ratesetters were divided over the need for more rate hikes, adding to the selling in bond markets.

In London trade, benchmark 10-year Treasury yields last stood at around 4.29%, having touched 4.31% earlier — their highest level since October.

"If you think about the scale of rate cuts that had been priced in, the longer the data holds up, the longer the markets become anxious about what has been priced and has to adjust," said Derek Halpenny, head of research, global markets EMEA, MUFG.

Renewed bond selling puts Treasury yields back within sight of reaching their highest levels since 2007.

Analysts at ING said it was possible for 10-year yields to rise to 4.5%.

Yields on 30-year Treasuries also touched their highest since October, at around 4.4%, while two-year bond yields were flat at around 4.97%.

Markets are pricing in a roughly 86% chance of the Fed standing pat next month, with a 36% chance a quarter point rate increase at the November meeting.

© 2024 Thomson/Reuters. All rights reserved.


StreetTalk
U.S. government bonds continued to sell off on Thursday, with long-dated yields rising to their highest since October on growing expectations that a resilient economy will keep interest rates higher for longer.
10-year treasury bond yields
232
2023-00-17
Thursday, 17 August 2023 11:00 AM
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