US Treasuries sold off on Wednesday, taking stocks along with them, after data showing unexpected strength in the country’s vast services sector supported the thesis that a “soft landing” for the domestic economy could mean interest rates remain elevated for an extended period.
Investors were also assessing the potential inflationary effect on the global economy of oil prices reaching their highest level in 10 months after big producers agreed to extend supply cuts.
The yield on the policy-sensitive two-year US Treasury was up 0.06 percentage points to 5.02 per cent, while the yield on the 10-year note climbed 0.03 percentage points to 4.3 per cent.
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