U.S. 10-Year Yield Breaching 3% Bolsters Calls for Higher Rates
- Benchmark Treasury yield touches highest level since Jan. 2014
- Median forecast is for slow move up through remainder of year
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The 10-year U.S. Treasury yield rose above 3 percent for the first time since January 2014, in a signal that higher interest rates are ahead in the world’s biggest bond market amid an onslaught of supply and a Federal Reserve intent on boosting interest rates.
The yield, the benchmark for everything from U.S. mortgages to dollar bonds in developing nations, climbed as high as 3.0014 percent on Tuesday, before retreating to 2.99 percent as of 11:36 a.m. in New York. Traders have been focused on the next round number on the horizon for days, even though no clear catalyst emerged as the main culprit for the longest selloff in a year.