U.S. Treasury yields rose on Wednesday, with the 10-year Treasury yield trading at levels last seen in 2007.
U.S. Treasury yields rose on Wednesday, with the 10-year Treasury yield trading at levels last seen in 2007, as investors fretted over the outlook for interest rates and the overall economy.was up by over one basis point to 4.8167%. Earlier in the day it had risen as high as 4.884% after first crossing the 4.8% mark on Tuesday, reaching levels last seen in 2007.yield also hovered at levels last seen in 2007 and was last less than one basis point higher at 4.9386%.
Investors took that as a sign of continued tightness in the labor market, which could prompt the Federal Reserve to raise interest rates further. The central bank began hiking rates in March 2022 in an effort to ease inflation and cool the economy, including the labor market. In recent weeks, there have been mixed messages from Fed officials about whether interest rates will need to go higher still this year. However, they have widely suggested that rates will likely need to remain elevated for longer than previously expected, prompting renewed concerns about higher rates leading to a recession.
Further data that could inform the Fed's monetary policy decisions is expected as the week continues. This includes ADP's employment change figures and ISM's purchasing managers' index report for the service sector on Wednesday, as well as September's nonfarm payrolls data on Friday.
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