A new burst of selling in bonds pushed the 10-year Treasury yield well above 3% Thursday, a day after Federal Reserve Chairman Jerome Powell had seemed to calm markets by playing down the chances of a supersize interest-rate increase in the coming months.
Treasury yields, which rise when bond prices fall, started climbing early in the U.S. trading session and then kept on going—taking on their own momentum and contributing to a sharp decline in stocks, which had rallied earlier in the week.
