Treasuries Extend Selloff After Job Openings Unexpectedly Rise

The selloff in Treasuries accelerated, driving yields to new multiyear highs, after an unexpected jump in job openings reinforced speculation that the Federal Reserve isn’t done raising interest rates.

The rout sent the 10-year note’s yield up as much as 11 basis points to 4.79%, extending its push to levels last seen in 2007. The rate on 30-year bonds rose 14 basis points to 4.93%, also the highest since 2007.

The sharp jump in yields over the past month is hammering investors with fresh losses, dashing hopes that the market would steady as the Fed neared the end of its most aggressive rate-hiking cycle in decades. It’s also dealing a fresh blow to stock valuations and threatening to add another brake to the economy as traders brace for rates to remain high through next year.

Elizabeth Stanton & Michael Mackenzie | Yahoo Finance

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