Mayhem in the Treasury Market as Powell Adds 50-Basis-Point Rate Hikes (Plural) to Menu, QT “as Soon as” May

by Wolf Richter
Wolf Street

10-Year yield hits 2.31%, 30-year fixed mortgage rate hits 4.66%. And why the funny kangaroo-shaped yield curve says nothing about the economy.

Another day, another rout in the bond market. Bond yields are an inverse reflection of bond prices: rising yields means bond prices fell. The 10-year Treasury yield at the moment spiked by 16 basis points to hit 2.31% in afternoon trading, the highest since May 2019.

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