With bond-yields near 2-decade high, Wall Street's strong 2023 starts to deflate
Treasury yields surged in September and sapped the energy from a strong stock market as investors came to terms with the likelihood that interest rates will remain high well into next year NEW YORK -- Treasury yield s surged in September and sapped the energy from a strong stock market as investors came to terms with the likelihood that interest rates will remain high well into 2024. The yield on the 10-year Treasury, which i NFL uences rates for mortgages and other loans, jumped past 4.50% in September and continues rising. It is at its highest level in nearly two decades. The yield on the 2-year Treasury, which tracks expectations for the Fed’s interest rate policy, jumped above 5.00% in September and also continues edging higher. “Once again, the move in rates has proven to be too much too fast for equity markets to handle,” said Adam Turnquist, chief technical strategist at LPL Financial, in a note to investors. High bond yields make it less likely that investors will invest in ...