Yields on Treasury notes and bonds hit the highest levels since 2007 on Tuesday as a report indicated the Federal Reserve might have to keep interest rates higher for longer.
Benchmark 10-year Treasury yields briefly surpassed 4.785% on Monday, up a tenth of a percentage point from the day before. The 30-year Treasury yield lurched up to 4.874%. Both yields are the highest since 2007, just before the onset of the Great Recession.The news comes one day after the 10-year Treasury yield reached a previous 15-year high before being surpassed on Tuesday.
The number of job openings in the United States rose to 9.61 million in August, an uptick from the month before, showing employers are still seeking workers. “With a market keenly focused on the path of interest rates, any data release that points to the possibility of a stronger wage environment is cause for concern to a market that is anxiously deciphering when — and hopefully ‘if’ — the Fed is near the end of its intense rate hiking campaign,” said Quincy Krosby, chief global strategist for LPL Financial.
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