US Treasury Yields Spike to 19-Year High Amid Fed Hawkishness

The US 10-year Treasury yield has reached its highest level in nearly two decades, trading just under 5.10%. This significant increase is attributed to Federal Reserve Governor Michael Barr's hawkish stance on inflation and strong economic data.

Barr argued that the risks of returning inflation to 2% have increased while job market risks have eased. The S&P Global flash PMI surveys came in above forecast, with price measures rising to their highest level since October 2022.

In commodities, Brent crude oil prices surged back above $100 a barrel after Iranian President Ebrahim Raisi ruled out negotiating under pressure at the UN speech.