| U.S. Treasury yields moved higher during the week with the 10-year hitting its highest level in 11 years. Having pushed through 3% in mid-September, the 10-year yield has increased to 3.19%. With the U.S. economy continuing to show signs of strength, investors have moved to a risk-on position, which has resulted in a sell-off in bonds. Starting on Wednesday, yields surged as new data, including stronger than anticipated employment numbers, underscored the strength of the economy. Commentary from Federal Reserve Chair Powell saying the central bank had a way to go before interest rates hit neutral also stoked the notion of strength. |
