A deepening selloff within the U.S. bond market drove the yield on the 10-year U.S. Treasury notice to five% for the primary time in 16 years, extending a rout that has rattled shares, lifted mortgage charges and fueled persistent fears of an financial slowdown.
A vital driver of U.S. borrowing prices, the 10-year yield rose to inside just a few thousandths of a share level of 5% final week following an unexpectedly robust retail-sales report and feedback from Federal Reserve Chair Jerome Powell that strengthened investor bets on stubbornly excessive short-term rates of interest.
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