US bond yields fall from 2023 highs

The yield on the 10-year U.S. Treasury bonds declined after rising to its highest level since 2023, reaching 5% before falling back to 4.947%. This decrease came ahead of the Federal Reserve's upcoming interest rate decision this week. The decline follows recent inflation data showing that inflation remains above the 2% target, increasing the likelihood of a 25 basis points rate hike, with the market now nearly 90% certain of this move. Additionally, yields on shorter- and longer-term bonds experienced noticeable changes. The psychological significance of crossing the 5% mark is notable, as it impacts stocks and the broader economy—particularly if yields continue to rise due to factors such as borrowing costs, inflation, and oil prices.

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