The two-year Treasury yield touched a high point of 3.96% before receding to 3.79%, which is a major move for the bond market. The two-year yield tends to follow expectations for what the Federal Reserve will do with short-term interest rates.
The 10-year U.S. Treasury yield held at 4.26% where it was late Wednesday but it’s still well above its 3.97% level from before the war with Iran started.
Higher Treasury yields have already sent rates for mortgages and other kinds of loans upward and had also grind down on prices for all kinds of investments, from stocks to crypto to gold.