Yields on the 10 Year Treasury note, the benchmark for U.S. consumer and corporate borrowing, is close to breaking the 4% resistance level, a level last reached in October 2008 during the height of the financial crisis. The 10-year yield is critical because its rate is tied to many consumer loans. With the market’s finally expecting inflation, now the question is whether the days of floating along on free Fed money are really coming to a close.
At midday in New York the 10-year note was down 15/32 at 3.9995%, after briefly sitting at 4%.
Graph: WSJ
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