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Treasury yield climbed to its highest level since November 2023 on Wednesday as inflation fears spread into a broader global rise in borrowing costs. The claim is that inflation is driving the move.
What complicates it is that the selling is not confined to the United States. The case for the inflation read is the easier one to make.
Treasury yields move inversely to bond prices, and inflation concerns are the identified catalyst behind Wednesday's climb.
A 10-year yield at its highest point since November 2023 is a concrete data point worth taking at face value. A domestic repricing for inflation is a manageable story.
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