Friday, the yield on the benchmark 10-year U.S. Treasury note was 4.005%
That marked its 11th straight week of gains and first time it had closed above 4% since October 2008, around the height of a financial crisis that ushered in a new era of ultralow interest rates.
Coming into 2022, most Wall Street banks and investors believed that the Fed would raise its federal-funds rate no more than three times, in traditional 0.25 percentage point increments, to around 0.75% by the end of the year.
Now, that rate is above 3%, and interest-rate derivatives show that investors believe that there is a meaningful chance it could reach 5% by March.
WSJ 17 October 2022
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