Bond yields jumped Thursday, erasing the declines stemming from the Treasury Department’s unusual intervention in the debt market a day earlier.
\n\nThe 10-year Treasury bond yield rose as high as 4.71%, its highest level since Tuesday. The 30-year yield spiked to as high as 5.267%, rising just above the level yields were at when the Treasury Department took action Wednesday.
\n\nYields declined somewhat over the course of the morning but spiked back up after Treasury Secretary Scott Bessent appeared on CNBC and teased even more bond repurchases.
\n\n“I would note that it could be more than the $4 billion” Treasury originally announced, he said.
\n\nBy the end of the trading day, the 10-year yield was back at 4.70% and the 30-year was at 5.25%.
\n\n“Again, we have a big tool kit” to lower rates. “Part of it is signaling,” Bessent said.
\n\nAs yields rose following Bessent’s interview, stocks fell. The S&P 500 ended the day down 0.8% and the Nasdaq Composite fell 1%. The Dow ended the day lower by 700 points or 1.3%.
\n\nMeanwhile, oil prices accelerated again. U.S. crude oil briefly touched $89 per barrel, although it closed at $87.83, up 2.3% for the day. International oil benchmark…
Original source: https://www.nbcnews.com/
