U.S. Treasury yields continued their climb on Friday, with the 10-year yield briefly reaching 5.230%, its highest level since June 2007, while the 30-year yield topped 5.51%, levels not seen since 2004. The average 30-year fixed mortgage rate surged to 7.45%, its highest in more than two years, adding pressure to American consumers already battered by rising prices over the past five years. Despite these rate tensions, the S&P 500 remains near all-time highs in September, with technology stocks benefiting from the favorable macroeconomic backdrop. Key upcoming economic and inflation reports, including the August personal consumption expenditures price index and the September jobs report, will be crucial ahead of the Federal Reserve’s October meeting.
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