Sunday, November 29, 2020

Tag: US Treasury Yields Hit Seven Year High; Rising Interest Rates Could Be Bad News in Debt-Ridden Economy

US Treasury Yields Hit Seven Year High; Rising Interest Rates Could Be Bad News in Debt-Ridden Economy

by Peter Schiff, Schiff Gold:

Interest rates are climbing quickly.

The yield on the 10-year US Treasury hit the highest level since 2011 in the midst of a massive bond sell-off Wednesday. The selloff spread across the globe on Thursday morning. ZeroHedge called the spike in yields a “monster move.”

The 10-year US Treasury yield jumped 11 basis points on Wednesday to 3.16%. In European trading, the yield on the 10-year went as high as 3.2192%. The selloff was “promoted by stronger than expected US economic data, and which accelerated after upbeat, hawkish comments from Fed Chair Jerome Powell.”