10-year Treasury yield jumps to highest level since 2019 after Fed raises rates

The 10-year Treasury yield topped 2.17% at one point Wednesday, with the Federal Reserve expected to announce an interest rate hike in the afternoon. The yield on the benchmark 10-year Treasury note last rose 1 basis point to 2.171%. The yield on the 30-year Treasury bond fell 2 basis points to 2.476%. Yields move inversely to prices and 1 basis point is equal to 0.01%. The 10-year rate has surged since the beginning of the week, ahead of the Fed’s latest policy decision. The Fed is expected announce that it will raise interest rates by a quarter point on Wednesday, the first hike since 2018. Watchers also anticipate that the Fed will offer a new quarterly forecast that could indicate five or six more hikes this year.
Source: CNBC – Bonds