The 10-year Treasury yield pushed above 3% on Monday, a development that will raise costs for the federal government and portends higher rates on mortgages, credit cards, and other financial products.
The recent run-up in interest rates on Treasury securities follows the Federal Reserve's accelerated efforts to tighten monetary policy by raising its short-term interest rate target.The yield, which is the rate of earnings generated by the security over time, is the highest it has been since 2018.
Now, the Fed is trying to reverse those measures quickly and bumped its interest rate target by a quarter percentage point last month. Yields on notes and bonds have begun to rise at a rapid clip. Desmond Lachman, a senior fellow at the American Enterprise Institute, told the Washington Examiner on Monday that the 10-year Treasury yield is increasing at the fastest clip since 1994 in response to the Fed's shift toward a more hawkish monetary policy.
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