US 10-Year Treasury Yield Hits 4.93%—Highest Since 2023

The US 10-year Treasury yield climbed to 4.92%-4.93% during trading, marking the highest level since 2023. The rise in Treasury yields has heightened market concerns about the Federal Reserve's hawkish policy and increased borrowing costs. CryptoBriefing reported that oil price surges and higher-than-expected inflation data pushed yields upward on September 10. The 10-year yield serves as a benchmark for mortgage rates and corporate borrowing costs. CryptoBriefing noted that markets are pricing in a 70% probability of the Fed raising its key rate by 25 basis points at the September 15-16 meeting.