Forex
Yield Surge and Economic Data Anticipation Send US Stocks Lower
US stock indices took a hit at market close due to rising government bond yields and anticipation of critical economic data.
The yield on the 30-year US Treasury bond reached an all-time high since June 2002, exceeding 5.6206%, while the 10-year benchmark bond saw its highest level since June 2007 at approximately 5.293%.
Data from CME Group's FedWatch tool revealed markets are pricing in a 51.5% probability of the Federal Reserve increasing interest rates by at least 25 basis points at its October meeting, down from around 70% earlier in the session.