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NewsBreak: 10-Year Treasury at Highest Level Since July

Investing.com – The yield on the U.S. 10-Year Treasury note hit its highest level since July on Thursday and could top 2% if the current stock-market rally continues.

The yield was at 1.956% at 1:03 PM ET (18:03 GMT), up from 1.812% on Wednesday. The yield is the highest since it reached 2.072% during the July 31 trading session.

The yield was pushed lower by three interest-rate cuts from the Federal Reserve starting on July 30 amid concerns about a global slowdown in the wake of the U.S.-China trade fight. It bottomed at 1.429% intraday on Sept. 3, a day the Dow Jones Industrial Average fell 285 points.

The yield has been rising steadily since Sept. 3 as investors began to bet that a portion of the trade dispute will be resolved soon and as data has continued to suggest U.S. job growth and consumer spending are both strong. The S&P 500 Index is up nearly 5.7% since the end of August and hit a new intraday high of 3,097.77 at Noon ET Thursday.

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After the last Fed rate cut on Oct. 30, Fed Chairman Jerome Powell suggested the central bank would hold rates steady unless a crisis erupts.

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