On Friday, the 10-year yield hit its highest level since late 2023, the last time investors fretted about government spending getting out of control. This week, the 30-year mortgage rate, which typically tracks the 10-year Treasury yield, reached its highest level since early July. In Germany, a benchmark for Europe’s debt markets, the yield on 10-year government notes, or bunds, rose 0.17 percentage points. But these longer-dated market rates are also affected by investors’ expectations about where the economy is headed, not just where it is now. “It’s a global story,” said Ian Lyngen, an interest rate strategist at BMO Capital Markets.

Source: The Times January 11, 2025 14:41 UTC