Bond yields just saw their biggest surge since 2022 as expectations grow for more Fed rate hikes

JUST IN: US bond yields post their biggest surge since 2022 as markets price in expectations for more Fed rate hikes.

US bond yields just posted their biggest one day surge since 2022. The bond market, the thing that's supposed to be boring, moved like it had somewhere to be.

The driver is simple. Traders are now pricing in more rate hikes from the Federal Reserve, not cuts, hikes. Everyone who spent this year positioned for easing just got the rug pulled. When yields jump like that, it means the market believes Jerome Powell isn't done, and borrowing costs across the whole economy go up with it.

That hits everything you own. Mortgages get pricier, companies pay more to refinance, and stocks suddenly have to compete with bonds that actually pay you. The last time yields moved this fast was 2022, and nobody remembers that year fondly.

So keep your eye on the Fed's next meeting, because the bond market just told you what it expects, and the bond market is rarely in the mood to be ignored.

This is Sara White, reporting for HIT.