The 10-year Treasury yield reached 5.04% on Tuesday, its highest level since 2007, before easing to around 5%. Major stock indexes fell as bond-market volatility rattled investors. A Bank of America survey of fund managers identified chaos in fixed income as the biggest risk to markets, surpassing concerns such as an AI bubble. The yield spike occurred as the Federal Reserve began a policy meeting that is widely expected to conclude with a 25 basis point rate hike.
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