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 was last less than one basis point lower at 4.681%, after earlier crossing 4.7%, reaching its highest level since late April. The 2-year Treasury yield was more than one basis point lower at 4.283%.
The 30-year Treasury yield, which was less than one basis point higher at 4.917%, hit its highest level since Nov. 2023.
Yields and prices move in opposite directions. One basis point equals 0.01%.
