U.S. Treasury yields were mixed on Wednesday, with the yield on the 10-year Treasury hovering below 5% but near multiyear highs.
U.S. Treasury yields were mixed on Wednesday, with the yield on the 10-year Treasury hovering below 5% but near multiyear highs, as investors considered the state of the economy.Yields and prices move in opposite directions. One basis point equals 0.01%.
The yield on the 10-year Treasury crossed the 5% mark on Monday, reaching levels last seen in 2007, before pulling back again slightly, while remaining near levels last seen over a decade ago.Investors have been closely following the Israel-Hamas war and assessing its impact on the global economy, especially the energy sector. However, there has not been a significant run on Treasurys since the war began — a common phenomenon during times of geopolitical crisis.
The yield on the 10-year Treasury has been steadily climbing in recent weeks and has hit several multiyear highs this month. Investors have been considering the outlook for interest rates ahead of the Federal Reserve's next policy meeting on Oct. 31 and Nov. 1.Several Fed officials have suggested that higher Treasury yields will create tighter financial conditions, which could slow the economy.
On Wednesday, investors will be watching out for new home sales and building permits data for September, and Fed Chairman Jerome Powell is expected to give remarks.chase
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