U.S. 10-Year Treasury Yield Hits 19-Year High Before PCE Data
The yield briefly reached 5.29% as markets awaited U.S. PCE inflation data that may shape the next move in the dollar and Treasuries.
The U.S. 10-year Treasury yield briefly reached 5.29% on Wednesday, its highest level in 19 years, putting the dollar, bonds and crypto markets on alert ahead of key inflation data.
The yield later pulled back as expectations for an October interest-rate increase cooled after New York Fed President Williams indicated there was no need to act quickly.
Markets are now focused on the upcoming U.S. PCE inflation data, which is expected to help determine the next direction for the dollar and Treasury yields. The data will also provide the next major catalyst for crypto markets, which remain sensitive to shifts in interest-rate expectations.
Its retreat leaves the inflation reading as the next concrete test for market direction.
