Bonds Sink, S&P 500 Snaps Four-Day Losing Streak: Markets Wrap
- 10-year yield hits 16-year high while US dollar rallies
- Equities inch up as traders mull higher-for-longer rate path
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Government bonds fell while stocks ended the day higher as traders speculated central banks will keep interest rates elevated to quell inflation. A gauge of dollar strength hit its highest level this year.
A bond selloff extended into a fourth week as the US Treasury 10-year yield climbed 11 basis points above 4.54%, a level last seen in 2007. Bloomberg’s Dollar Spot Index rose for a fourth day, reaching the highest since December.