MACROGlobal
10-year Treasury tops 5% for the first time since 2023 and Wall Street falls on the eve of the Fed
The yield on the 10-year US Treasury rose above 5% on September 14, to about 5.01%, for the first time since October 2023, when it spent a single day above the mark, driven by hotter-than-expected August inflation, oil near US$ 110 and government and corporate financing needs; New York stocks closed lower, with the S&P 500 down 0.48%, the Dow 0.29% and the Nasdaq 0.56%, and the market moved to price about a 90% chance of a Fed hike on September 16, the first in three years.