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2021-03-09
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How high can rates go? This chart shows this year's sharp climb in long-term Treasury rates
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This chart shows this year's sharp climb in long-term Treasury rates","url":"https://stock-news.laohu8.com/highlight/detail?id=2118733697","media":"Dow Jones","summary":"10-year could top 2% this year, per one forecast.\n\nIt has become harder for Wall Street to watch U.S","content":"<blockquote>\n <b>10-year could top 2% this year, per <a href=\"https://laohu8.com/S/AONE\">one</a> forecast.</b>\n</blockquote>\n<p>It has become harder for Wall Street to watch U.S. Treasury yields climb without feeling a little bit queasy.</p>\n<p>After all, the Federal Reserve made cheap and abundant credit a key part of its pandemic response, with the result being that big U.S. corporations borrowed a record amount of debt last year, at ultralow rates, to bolster their balance sheets during the crisis.</p>\n<p>Low rates also helped a record $4.3 trillion worth of U.S. residential home loans to be originated in 2020, with refinancing for the year hitting an all-time high of $2.8 trillion, as homeowners looked for a break on their mortgage payments, according to a new Black Knight report .</p>\n<p>And as COVID-19 vaccinations have accelerated under the Biden administration, it might come as little surprise that borrowing costs in both the corporate debt and American housing markets have gotten a bit more expensive this year as longer-term Treasury yields marched higher.</p>\n<p>This CreditSights chart shows the 30-year Treasury yield rose about 65 basis points so far this year to about 2.3%. That nearly matches the level from Dec. 31, 2019, or before the first COVID-19 cases were detected in the U.S.</p>\n<p>Yields on the 10-year Treasury note were about 68 basis points higher year-to-date Monday, near 1.594%, according to Dow Jones Market Data.</p>\n<p>But that's still below the 10-year yield's pre-pandemic 1.92% level, likely meaning the benchmark bond has further room to rise, according to a CreditSights team led by senior analyst Erin Lyons.</p>\n<p>Rising government bond yields already have been reflected in climbing 30-year fixed-rate mortgages, which last week hit an average of 3.02%, a level not seen since July.</p>\n<p>Read: Mortgage rates soar above 3% -- how high can they go before they scare off homebuyers?</p>\n<p>Companies also have been rushing to borrow in the corporate bond market rising to about 2.2% at last check, from a recent low of 1.79% in January.</p>\n<p>$Bank of America Corp(BAC-N)$. <a href=\"https://laohu8.com/S/BAC\">$(BAC)$</a> borrowed $5.5 billion in the investment-grade corporate bond market Monday, with its longest 30-year slice of debt yielding about 3.48%, according to a person with knowledge of the dealings.</p>\n<p>But climbing bond yields also have been driving a rotation in stocks, which helped land the technology-heavy Nasdaq Composite Index in correction territory on Monday , as defined by a drop of at least 10%, but less than 20%, from its recent peak.</p>\n<p>The Dow Jones Industrial Average finished Monday about 300 points higher, but shy of 32,000, as investors weighed the potential impact of an aggressive $1.9 trillion stimulus package from Congress on consumer spending habits -- and inflation -- as the recovery gathers steam.</p>\n<p>So how high can Treasury yields go? \"Given the bond market's current inflation expectation of 2.25% (i.e., the 10-year breakeven rate), there is still plenty of room for yields to climb,\" wrote James Paulsen, chief investment strategist of The Leuthold Group, in a note Monday.</p>\n<p>\"Our guess is the 10-year yield will breach 2% yet this year, but who really knows?\"</p>\n<p>Analysts point out that much will hinge on whether the Fed ends up being forced to shift course on its easy-money policies to combat persistent and lasting inflation beyond its targets, perhaps by lifting benchmark rates above the current 0%-to-0.25% level sooner than expected, or by tapering its $120 billion-a-month bond-buying program, which could drain liquidity from financial markets.</p>\n<p>\"I think it's likely that the Fed will act if the yield on the 10-year U.S. Treasury rises rapidly from here and creates disorderly markets,\" wrote Kristina Hooper, Invesco chief global market strategist, in a Monday note.</p>\n<p>But Hooper also doesn't expect inflation to become \"problematic,\" namely because of the significant slack that exists in the labor market due to the pandemic, as well as longer-term structural forces, including technological innovations, that will keep downward pressure on inflation.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How high can rates go? This chart shows this year's sharp climb in long-term Treasury rates</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow high can rates go? This chart shows this year's sharp climb in long-term Treasury rates\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-03-09 08:18</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<blockquote>\n <b>10-year could top 2% this year, per <a href=\"https://laohu8.com/S/AONE\">one</a> forecast.</b>\n</blockquote>\n<p>It has become harder for Wall Street to watch U.S. Treasury yields climb without feeling a little bit queasy.</p>\n<p>After all, the Federal Reserve made cheap and abundant credit a key part of its pandemic response, with the result being that big U.S. corporations borrowed a record amount of debt last year, at ultralow rates, to bolster their balance sheets during the crisis.</p>\n<p>Low rates also helped a record $4.3 trillion worth of U.S. residential home loans to be originated in 2020, with refinancing for the year hitting an all-time high of $2.8 trillion, as homeowners looked for a break on their mortgage payments, according to a new Black Knight report .</p>\n<p>And as COVID-19 vaccinations have accelerated under the Biden administration, it might come as little surprise that borrowing costs in both the corporate debt and American housing markets have gotten a bit more expensive this year as longer-term Treasury yields marched higher.</p>\n<p>This CreditSights chart shows the 30-year Treasury yield rose about 65 basis points so far this year to about 2.3%. That nearly matches the level from Dec. 31, 2019, or before the first COVID-19 cases were detected in the U.S.</p>\n<p>Yields on the 10-year Treasury note were about 68 basis points higher year-to-date Monday, near 1.594%, according to Dow Jones Market Data.</p>\n<p>But that's still below the 10-year yield's pre-pandemic 1.92% level, likely meaning the benchmark bond has further room to rise, according to a CreditSights team led by senior analyst Erin Lyons.</p>\n<p>Rising government bond yields already have been reflected in climbing 30-year fixed-rate mortgages, which last week hit an average of 3.02%, a level not seen since July.</p>\n<p>Read: Mortgage rates soar above 3% -- how high can they go before they scare off homebuyers?</p>\n<p>Companies also have been rushing to borrow in the corporate bond market rising to about 2.2% at last check, from a recent low of 1.79% in January.</p>\n<p>$Bank of America Corp(BAC-N)$. <a href=\"https://laohu8.com/S/BAC\">$(BAC)$</a> borrowed $5.5 billion in the investment-grade corporate bond market Monday, with its longest 30-year slice of debt yielding about 3.48%, according to a person with knowledge of the dealings.</p>\n<p>But climbing bond yields also have been driving a rotation in stocks, which helped land the technology-heavy Nasdaq Composite Index in correction territory on Monday , as defined by a drop of at least 10%, but less than 20%, from its recent peak.</p>\n<p>The Dow Jones Industrial Average finished Monday about 300 points higher, but shy of 32,000, as investors weighed the potential impact of an aggressive $1.9 trillion stimulus package from Congress on consumer spending habits -- and inflation -- as the recovery gathers steam.</p>\n<p>So how high can Treasury yields go? \"Given the bond market's current inflation expectation of 2.25% (i.e., the 10-year breakeven rate), there is still plenty of room for yields to climb,\" wrote James Paulsen, chief investment strategist of The Leuthold Group, in a note Monday.</p>\n<p>\"Our guess is the 10-year yield will breach 2% yet this year, but who really knows?\"</p>\n<p>Analysts point out that much will hinge on whether the Fed ends up being forced to shift course on its easy-money policies to combat persistent and lasting inflation beyond its targets, perhaps by lifting benchmark rates above the current 0%-to-0.25% level sooner than expected, or by tapering its $120 billion-a-month bond-buying program, which could drain liquidity from financial markets.</p>\n<p>\"I think it's likely that the Fed will act if the yield on the 10-year U.S. Treasury rises rapidly from here and creates disorderly markets,\" wrote Kristina Hooper, Invesco chief global market strategist, in a Monday note.</p>\n<p>But Hooper also doesn't expect inflation to become \"problematic,\" namely because of the significant slack that exists in the labor market due to the pandemic, as well as longer-term structural forces, including technological innovations, that will keep downward pressure on inflation.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2118733697","content_text":"10-year could top 2% this year, per one forecast.\n\nIt has become harder for Wall Street to watch U.S. Treasury yields climb without feeling a little bit queasy.\nAfter all, the Federal Reserve made cheap and abundant credit a key part of its pandemic response, with the result being that big U.S. corporations borrowed a record amount of debt last year, at ultralow rates, to bolster their balance sheets during the crisis.\nLow rates also helped a record $4.3 trillion worth of U.S. residential home loans to be originated in 2020, with refinancing for the year hitting an all-time high of $2.8 trillion, as homeowners looked for a break on their mortgage payments, according to a new Black Knight report .\nAnd as COVID-19 vaccinations have accelerated under the Biden administration, it might come as little surprise that borrowing costs in both the corporate debt and American housing markets have gotten a bit more expensive this year as longer-term Treasury yields marched higher.\nThis CreditSights chart shows the 30-year Treasury yield rose about 65 basis points so far this year to about 2.3%. That nearly matches the level from Dec. 31, 2019, or before the first COVID-19 cases were detected in the U.S.\nYields on the 10-year Treasury note were about 68 basis points higher year-to-date Monday, near 1.594%, according to Dow Jones Market Data.\nBut that's still below the 10-year yield's pre-pandemic 1.92% level, likely meaning the benchmark bond has further room to rise, according to a CreditSights team led by senior analyst Erin Lyons.\nRising government bond yields already have been reflected in climbing 30-year fixed-rate mortgages, which last week hit an average of 3.02%, a level not seen since July.\nRead: Mortgage rates soar above 3% -- how high can they go before they scare off homebuyers?\nCompanies also have been rushing to borrow in the corporate bond market rising to about 2.2% at last check, from a recent low of 1.79% in January.\n$Bank of America Corp(BAC-N)$. $(BAC)$ borrowed $5.5 billion in the investment-grade corporate bond market Monday, with its longest 30-year slice of debt yielding about 3.48%, according to a person with knowledge of the dealings.\nBut climbing bond yields also have been driving a rotation in stocks, which helped land the technology-heavy Nasdaq Composite Index in correction territory on Monday , as defined by a drop of at least 10%, but less than 20%, from its recent peak.\nThe Dow Jones Industrial Average finished Monday about 300 points higher, but shy of 32,000, as investors weighed the potential impact of an aggressive $1.9 trillion stimulus package from Congress on consumer spending habits -- and inflation -- as the recovery gathers steam.\nSo how high can Treasury yields go? \"Given the bond market's current inflation expectation of 2.25% (i.e., the 10-year breakeven rate), there is still plenty of room for yields to climb,\" wrote James Paulsen, chief investment strategist of The Leuthold Group, in a note Monday.\n\"Our guess is the 10-year yield will breach 2% yet this year, but who really knows?\"\nAnalysts point out that much will hinge on whether the Fed ends up being forced to shift course on its easy-money policies to combat persistent and lasting inflation beyond its targets, perhaps by lifting benchmark rates above the current 0%-to-0.25% level sooner than expected, or by tapering its $120 billion-a-month bond-buying program, which could drain liquidity from financial markets.\n\"I think it's likely that the Fed will act if the yield on the 10-year U.S. Treasury rises rapidly from here and creates disorderly markets,\" wrote Kristina Hooper, Invesco chief global market strategist, in a Monday note.\nBut Hooper also doesn't expect inflation to become \"problematic,\" namely because of the significant slack that exists in the labor market due to the pandemic, as well as longer-term structural forces, including technological innovations, that will keep downward pressure on inflation.","news_type":1},"isVote":1,"tweetType":1,"viewCount":149,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/329234238"}
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