The 10-Year Treasury Yield Has Spent Six Weeks Around 5%, a Level Last Seen in 2007
The 10-year closed at 5.05% on Wednesday after the Fed held rates. It has finished at 5% or higher on 26 of the last 31 trading days and peaked at 5.31%, the highest since 2002.
The 10-year Treasury yield closed at 5.05% on Wednesday, up from 4.99% on Tuesday, according to the Treasury’s daily yield-curve data. That came after the Federal Reserve held its target range at 3.75% to 4.00%, with Governor Lisa Cook and Cleveland Fed President Beth Hammack voting for a hike.
The yield began the year at 4.19%. It first closed above 5% on 16 September, for the first time since July 2007, and peaked at 5.31% on 5 October, its highest close since May 2002. Since 15 September it has finished at 5% or higher on 26 of 31 trading days.
The 10-year sets the tone for mortgage rates, and it is the safe return that every stock’s earnings get measured against. At 5%, a Treasury pays more than the free-cash-flow yield of many big stocks: Meta’s was 1.8% at Monday’s close, by our count.
What to watch: the Fed’s next meeting, on 8 and 9 December.
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Mostly Markets is for information and education only and isn't investment advice. Nora Whitfield is a pen name. Prices are from Nasdaq and CNBC as of the time stated.
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