US 10-Year Treasury Yield Rises Past 4.8%, Highest Since October 2023

The yield on the 10-year US Treasury note increased past 4.8% on Wednesday, reaching its highest level since October 2023. This rise is attributed to higher energy prices, which are bolstering arguments for further interest rate hikes by the Federal Reserve this year. Geopolitical tensions in the Middle East, impacting fuel supply, and increased debt issuance by AI companies are also contributing factors.