Big Tech Spared as Bond Selloff Rattles Stocks: Markets Wrap
- Fed Governor Michelle Bowman says multiple rate hikes needed
- Treasury yields surge as traders pencil in higher odds of hike
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The rout in Treasuries intensified Monday and US stocks struggled as traders digested messaging that the Federal Reserve needs to leave borrowing costs high to rein in inflation.
Yields on five-year to 30-year Treasuries rose 10 basis points on the day. The rate on the 10-year benchmark bond hit the highest since 2007, reaching 4.7%, while the 30-year topped 4.81%, the highest since 2010.