Tuesday’s selloff in U.S. government debt picked up steam in the late afternoon, sending most Treasury yields either further above or toward 5%. The jump in market-implied rates was led by 3- through 7-year yields, which each rose by 17 basis points, according to FactSet data.
The benchmark 10-year rate was up 14.4 basis points at 4.853% after September’s stronger-than-expected retail sales report, and is on pace for its largest one-day jump since at least Sept. 21. Two- and 10-year yields are both heading for their highest closing levels in 16 to 17 years.
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