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The 10-year Treasury yield surged to a 16-year-high 4.89% shortly after Friday's employment report showing 336,000 new jobs.
Fed policymakers now indicate the rise in 10-year Treasury yield reduces odds of a November rate hike.
KEY POINTS
- Citigroup reported customers' credit card spending fell nearly 11% in September, signaling a slowdown.
- The real interest rate component of the 10-year Treasury yield has climbed as inflation expectations dropped.
- Powell attributes the yield rise to increased Treasury supply and strong growth, not to inflation fears.
- Markets now price in just 12% odds of a Fed rate hike on Nov. 1, down from 27% Friday.
COMPANIES
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