US 10-Year Treasury Yield Surges to Highest Level Since 2007 After Fed Minutes

The 10-year yield picked up 3 basis points to finish the Aug. 16 trading session at 4.29 percent—the highest close in 16 years.

Traders work on the floor at the New York Stock Exchange in New York on May 3, 2023. Seth Wenig/AP Photo

The yield on the benchmark 10-year U.S. Treasury note surged to its highest level in 16 years after the Federal Reserve suggested in the minutes from its July policy meeting that more rate increases might be needed to fight “significant upside risks to inflation.”

The 10-year yield picked up 3 basis points to finish the Aug. 16 trading session at 4.29 percent—the highest close since October 2007. The real yield (inflation-adjusted) is 1.9 percent, the highest since July 2009.