The 10-year U.S. Treasury yield hit above 3.5 percent for the first time in over a decade, as markets prepare for another interest rate hike by the Federal Reserve this week.
The last time the 10-year yield, which is the most significant global interest rate benchmark, rose to that level was back in April 2011.
The 10-year yield jumped to 3.575 percent on Sept. 20, after reaching 3.5 the day before, breaking June’s record.
The U.S. bond market has been in a bearish mood, as traders await another massive rate hike by the Fed after its upcoming Federal Open Market Committee policy meeting on Sept. 20-21….