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The yield on the US 10-year Treasury note climbed to 5.32% on Wednesday, returning to levels last seen in 2002 and unwinding part of the previous session’s relief rally, as oil prices resumed their ascent and worries about inflation and tighter monetary policy resurfaced. Investors are also awaiting the release of the FOMC minutes later in the day for more detail and guidance on the Federal Reserve’s policy outlook following last month’s 25 bps increase in the federal funds rate, the first rate hike since 2023. In addition, the Treasury is scheduled to auction $39 billion of 10-year notes on Wednesday. Meanwhile, the 30-year Treasury yield rose to a new 24-year high of 5.70%, with a 30-year bond auction on Thursday also poised to test investor demand for longer-dated US government debt.
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