10-year Treasury yield tops 4.9%, highest since 2023, as oil surge raises inflation fears

JUST IN: The 10-year US Treasury yield tops 4.9%, its highest since 2023, as US oil prices hit $100 a barrel and stoke inflation fears.

The ten year Treasury yield just broke four point nine percent. That's the highest since November 2023, and it's the number that sets your mortgage, your car loan, and your credit card rate.

What pushed it there was oil. US crude went back over a hundred dollars a barrel on fears the standoff with Iran drags on, and bond traders decided inflation isn't done with us yet. The two year hit four and a half, the thirty year is at five point three.

Here's what stings. The actual inflation data today was fine. Wholesale prices rose exactly as forecast, core came in a touch cool, and the market shrugged. Even Treasury Secretary Scott Bessent announcing six billion in bond buybacks couldn't hold yields down.

Consumer price data lands Friday, and the Fed decides on rates next week. If oil stays above a hundred, that meeting just got a lot less comfortable.

This is Sara White, reporting for HIT.