US Treasury Yields Hit Multi-Year High
US Treasury yields rose on Wednesday. CNBC says the 10-year Treasury yield hit a 19-year high.
MSNBC says yields hit a nearly 20-year high. New services and manufacturing data raised concerns about more rate hikes.
The Federal Reserve is the US central bank. A survey of business activity rose to 58.4.
That was its highest level since July 2021. Business costs rose at their fastest pace in four years.
This added to concerns about high inflation. Oil prices also moved back above $100 a barrel.
Brent crude oil reached $101.59 per barrel. US crude oil stayed below $100 per barrel.
Federal Reserve official Michael Barr said more rate increases may be needed. Markets then raised the odds of a rate hike in October.
Klear Note — Treasury yields show rates investors demand to lend to the US government. Rising yields can make borrowing more expensive across the economy.