The 10-year Treasury yield hovered near an eight-month high on Wednesday as investors digest this week’s strong economic data, which reinforced expectations that the Federal Reserve will act with caution in its rate cut path this year.
The yield on the benchmark 10-year Treasury climbed more than two basis points to 4.71%, reaching its highest level since late April, when it crossed the 4.739%. The 2-year Treasury yield was about one basis point higher at 4.281%.
The 30-year Treasury yield, which was three basis points higher at 4.943%, hit its highest level since Nov. 2023.
Yields and prices move in opposite directions. One basis point equals 0.01%.
