30-Year US Treasury Yield Reaches Nearly 20-Year High Amid Rising Interest Rates

The yield on the 30-year US Treasury bond reached a nearly 20-year high at 5.3%, while the 10-year US Treasury yield climbed to almost 5% this week, marking its highest level since October 2023.

Rising interest rates are putting pressure on stock valuations, but Goldman Sachs research suggests that earnings remain the most critical driver for equities.

The S&P 500's forward P/E ratio has declined from 22x at the beginning of the year to 19x, though the index remains within 2% of its historical peak.