Bond yields rose on Monday, leaving benchmark rates hovering near 15-year highs as traders eyed a speech by Fed Chair Jay Powell at the end of the week.
What’s happening What’s driving markets The trend for bond yields to trundle higher remained intact early Monday. The 30-year Treasury yield at one point hit a fresh 12-year peak of 4.44% and the 10-year note flirted with its highest rate since 2008 as investors continued to price in concerns about increased supply and recent better-than-expected economic data.
Until then, markets are pricing in an 89% probability that the Fed will leave interest rates unchanged at a range of 5.25% to 5.50% after its next meeting on September 20, according to the CME FedWatch tool.
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