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Bond Rout Drives 10-Year Treasury Yield to 5%

A deepening selloff in the U.S. bond market drove the yield on the 10-year U.S. Treasury note to 5% for the first time in 16 years, extending a rout that has rattled stocks, lifted mortgage rates and fueled persistent fears of an economic slowdown. 

A critical driver of U.S. borrowing costs, the 10-year yield rose to within a few thousandths of a percentage point of 5% last week following an unexpectedly strong retail-sales report and comments from Federal Reserve Chair Jerome Powell that reinforced investor bets on stubbornly high short-term interest rates.

Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Summarize this content to 100 words Listen to article(2 minutes)A deepening selloff in the U.S. bond market drove the yield on the 10-year U.S. Treasury note to 5% for the first time in 16 years, extending a rout that has rattled stocks, lifted mortgage rates and fueled persistent fears of an economic slowdown. A critical driver of U.S. borrowing costs, the 10-year yield rose to within a few thousandths of a percentage point of 5% last week following an unexpectedly strong retail-sales report and comments from Federal Reserve Chair Jerome Powell that reinforced investor bets on stubbornly high short-term interest rates. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
https://www.wsj.com/articles/bond-rout-drives-10-year-treasury-yield-to-5-ab74c98e?mod=rss_markets_main Bond Rout Drives 10-Year Treasury Yield to 5%

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