Yields are rising sharply this week as the Fed's higher-for-longer message sinks in.
Bond yields have kept rising early Wednesday, with the 30-year Treasury yield reaching 5% for the first time since August 2007.
The 10-year Treasury also fell, driving its yield up to 4.9%, another 16-year high. Bond yields move inversely to price. The spike in borrowing costs has been rattling investors and sending stocks lower. Higher yields make it more expensive for companies and households to borrow money. Those tighter financial conditions will weigh on company earnings and economic growth.
Bonds have been falling since the Federal Reserve decided last month to keep interest rates steady but predicted that interest rates would stay higher than previously thought. Higher yields aren’t confined to the U.S. The German 10-year yield topped 3% for the first time since 2011. The 10-year yield in the United Kingdom rose as high as 4.65% on Wednesday.
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