U.S. Treasury Secretary Bessent said on the 15th that he sees the rise in bond yields as driven by "global factors," but did not specify what those factors were. The secretary made the remarks to reporters ahead of his appearance at a congressional hearing. Amid expectations that the Federal Reserve will keep raising interest rates, the 10-year Treasury yield, the benchmark for U.S. long-term rates, briefly climbed above 5% in trading on the 14th, the first time in two years and eleven months since October 2023, and then touched its highest level since 2007 in Asian trading on the 15th.
Fed rate-hike expectations and rising global yields push the 10-year Treasury yield above 5%, its highest since 2007.
