10-year Treasury Yield Above 3.5%, as Markets Brace for Another Fed Hike

Street sign outside the New York Stock Exchange on Oct. 2, 2020. Carlo Allegri/Reuters

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.