10-year Treasury yield tops 4.9%, highest since 2023, as oil surge raises inflation fears

The 10-year U.S. Treasury note yield — the key benchmark for mortgage borrowing, auto loans and credit card debt — was up 1.7 basis points at 4.857%. The 2-year Treasury note yield, which is typically more sensitive to short-term Federal Reserve interest rate decisions, increased 1 basis point to 4.436%. The longer-dated 30-year Treasury bond yield, which moves in line with broader geopolitical risks, was up more than 2 basis points at 5.307%. One basis point is equal to 0.01%, and yields and prices move in opposite directions. U.S. yields increased on Wednesday, after Treasury Secretary Scott Bessent said the department will buy back $6 billion of longer-dated government bonds. With the 10-year note yield touching its highest level since November 2023, investors are now looking ahead to key wholesale and consumer price data, due Thursday and Friday, respectively, for clearer insights into the U.S. inflation picture and next week’s Federal Reserve interest rate decision.
Read more: CNBC Bonds