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10-year Treasury yield touches highest since 2023
CNBC • • business
Key Points:
- U.S. Treasury yields rose on Wednesday following the Treasury Department's announcement of a $6 billion debt buyback plan, which is triple the normal amount but less than some market expectations of $7-8 billion.
- The 10-year Treasury yield increased by 4 basis points to 4.845%, reaching its highest level since November 1, 2023, while the 30-year and 2-year yields also saw modest gains.
- Despite the larger buyback, yields rose as investors adjusted to the broader market momentum and fundamental economic conditions, with some analysts noting Treasury Secretary Scott Bessent faces challenges in countering these trends.
- Rising oil prices contributed to the yield increases, with Brent crude and West Texas Intermediate futures closing at their highest levels since May.
- After a strong 10-year Treasury auction, yields eased from their session highs as the market rallied post-auction.
