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Treasury Yields Reach Their Highest Level in Nearly 20 Years
The 10-year Treasury yield is back around 5%, mortgage rates are above 7%, and tomorrow’s Fed decision could determine whether bond investors believe Kevin Warsh is serious about inflation.
Mike Armstrong and Marc Fandetti discuss why rising yields are putting pressure on borrowers, bond investors, and the federal government. They break down why higher rates have hurt existing bondholders, why deficits may be adding to market stress, and why Marc says Treasury Secretary Scott Bessent’s “grow our way out of it” argument lacks credibility. They also look ahead to the Fed’s three-part decision…
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