Treasury prices slipped on Thursday, sending the benchmark 10-year note yield above 3% for the first time since September.
The 10-year note 10_YEAR -0.13% yield rose 1 basis point to 2.992% in recent trade, after hitting an intraday high just above 3% on the Tradeweb and FactSet platforms. Rates have been moving higher in the wake of a Federal Reserve decision earlier this month to scale back its bond-buying program.
The benchmark yield touched 3% on some trading platforms on Sept. 5, but otherwise last closed above that level in July 2011.
Economic data have been improving in recent months, which prompted the Federal Reserve to announce it would scale back its $85 billion in monthly bond purchases, beginning in January. The central bank’s announcement last week went alongside a commitment to keeping its key policy rate low until the unemployment rate falls well below 6.5% in what’s known as forward guidance.
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