Making Sense of Sky-High Treasury Yields

The 10-year Treasury's rise to 5% reflects Fed hawkishness and falling demand for long bonds, not just deficits, says BofA's Swiber.

• 10-year hits 5%: Highest level since 2007, pre-GFC, driven primarily by shifting Fed rate expectations rather than one single factor.
• Fed chair hiking, not cutting: Fed Chair "Warsh" delivered a September hike and signaled continued tightening to fight inflation stuck above target for over five years, despite earlier expectations he'd cut.

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