The Federal Reserve building in Washington, D.C., on July 17 (local time). [Getty Images]
The Federal Reserve building in Washington, D.C., on July 17 (local time). [Getty Images]

Long-term US Treasury yields surged after the Federal Reserve held its benchmark interest rate at 3.50–3.75% on Wednesday (local time).

According to electronic trading platform Tradeweb, the 30-year Treasury yield stood at 5.21% at around 3:34 p.m. Eastern time, up 0.1 percentage point from the previous session. That is the highest level in 19 years, since July 2007, before the global financial crisis.

The 10-year Treasury yield rose 0.07 percentage point to 4.67%. The 2-year yield, more sensitive to monetary policy, fell 0.04 percentage point to 4.24%.

The Fed held its benchmark interest rate at 3.50–3.75% at its Federal Open Market Committee meeting that day.

Three policymakers — Beth Hammack, Neel Kashkari and Lorie Logan — dissented, calling for a 0.25 percentage point rate increase.


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