Mumbai, Sept. 24 -- The US 10-year Treasury yield broke convincingly above the critical 5% mark to hit 5.12%, its highest level since 2007 as a rebound in crude oil prices and firm economic cues dominated market sentiments. Strong US economic data and weak demand at a $70 billion five-year Treasury auction contributed to the rise in yields. The 30-year yield also jumped to record high near 5.40%. Federal Reserve governor Michael Barr also signaled on Wednesday that additional interest rate hikes are needed to bring down sticky inflation. WTI Crude oil futures jumped around 2% and the US business activity index hit near five-year high, fueling concerns about further Fed rate hikes.

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