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The yield on the 10-year Treasury note rose above 1.55% after Mr. Powell’s interview—its highest level since before the pandemic—up from 1.46% earlier Thursday and 0.92% at the beginning of the year. Such rates influence many consumer and business borrowing costs. Following the run-up in Treasury yields in recent weeks, the average rate on a 30-year fixed-rate mortgage has risen above 3% for the first time since July, Freddie Mac said Thursday. That has started to weigh on applications to buy or refinance homes.
“The market was looking for some more reassurance and didn’t get it,” said Krishna Guha, head of global policy and central bank strategy at Evercore ISI. Fed officials “don’t appear particularly concerned about the current level of yields, which in both real and nominal terms is significantly higher than it was two weeks ago.”
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