The 10-year US Treasury yield climbed to 5.058%, its highest level since July 2007, as fresh services and manufacturing data raised concerns about further Federal Reserve rate hikes. Rising yields intensified pressure on equities, particularly growth and technology stocks.
Fed Governor Michael Barr signals more rate hikes needed to tame inflation
Federal Reserve Governor Michael Barr announced that additional rate hikes may be necessary to manage inflation. He indicated that while economic growth is strong, inflation