The worst bond rout in decades hit a new milestone Monday with the yield on the 10-year Treasury reaching 3% for the first time since late 2018.
The yield on the benchmark 10-year Treasury note, which rises when bond prices fall, crossed the 3% level ahead of this week’s Federal Reserve meeting, recently trading at 3.002%, according to
A reference for borrowing costs on everything from mortgages to student loans, the yield last closed above 3% in November 2018 and has jumped from 1.496% at the end of last year.
Prices for Treasurys, corporate bonds and municipal debt have slumped this year in response to the Fed’s moves to raise interest rates in an effort to rein in inflation. The Bloomberg U.S. Aggregate bond index—largely U.S. Treasurys, highly rated corporate bonds and mortgage-backed…
