United States Treasury yields surged on Friday following reports on the country's inflation rate in May and its consumer confidence in June. The latest economic readings will likely fail to dissuade the Federal Reserve from introducing 50 basis point rate hikes at its next two meetings, an estimation that could be driving investors away from assets such as bonds.
The return on the 10-year Treasury note rose by 9.9 basis points to 3.141% at 10:48 am ET. The yield on the two-year note moved up 15.5 basis points to 2.97% at the same time, while the return on the 30-year bond increased by 4.6 basis points to 3.216% a minute later. All three hit their highest points since late 2018.
