Ten-year Treasury yield hits highest since 2007
Benchmark 10-year hits 5.03% as investors continue to sell government debt in expectations of Fed rate increase
Source: Financial Times
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DW NOTE
The ten-year hasn't traded above 5% in nineteen years. It gets there now because the market has stopped believing the Fed will hold rates flat while oil trades at $102 and the Strait of Hormuz remains effectively closed. Investors are pricing a hike Wednesday — not because inflation is contained, but because it isn't.