The yield on US 30-year Treasury bonds reached 5.24% intraday on July 29, its highest level since July 2007, before settling around 5.21%. This surge occurred despite the Federal Reserve’s monetary policy committee maintaining its rate range between 3.5% and 3.75%, voting 9-3 with three governors calling for a quarter-point hike. The 30-year fixed mortgage rate jumped to 6.58%, its highest in nearly a year. Inflation continues to resist decline, with June’s consumer price index accelerating to 2.7% year-on-year and core inflation rising to 2.9%. Markets are increasingly concerned about US fiscal health amid mounting debt issuance.
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