10-year Treasury yield jumps back above 5% as oil gains and more Fed rate hikes expected
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The yield on the 10-year U.S. Treasury note — the benchmark for mortgages, auto loans and credit card debt — rose more than 7 basis points to 5.068%.
The 2-year Treasury note yield, more sensitive to short-term Fed interest rate decisions, jumped more than 11 basis points to 4.843%. The longer-dated 30-year Treasury bond yield rose more than 5 basis points to 5.40%.
Traders are pricing in 100% odds of an increase in December, with the chance of a half percentage point increase standing at about 13%, according to the CME Group's FedWatch tool.
On Thursday, investors looked to October's home sales report from the National Association of Realtors, which showed that existing home sales reached their lowest level in more than 16 years last month .
"Fed officials want to push rates even higher to fight inflation, but all this is doing is pushing the housing correction down into the depths of depression," said Chris Rupkey, FWDBONDS chief economist. "It's dark out there with no homebuyers anywhere to be found."