The U.S. 10-year Treasury note yield reached 4.818% last week, a level not seen since November 2023, amid concerns about the impact of a potential U.S.-Iran conflict on inflation. The yield subsequently retreated after comments from a senior Federal Reserve official in support of maintaining current monetary policy, before rising again on Friday following a much hotter-than-expected jobs report. Strategists Oliver Shale of Ruffer and Gregory Faranello of AmeriVet Securities view this yield increase as a buying opportunity to gradually increase exposure to medium-term debt, particularly if the 10-year yield reaches the key 5% level.
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