Treasury Yields Surge as Global Central Banks Scramble to Respond to Fed, Inflation

The yield on the benchmark 10-year U.S. Treasury note rose to 3.705% from 3.511% Wednesday. That marked its biggest one-day gain since June 13 and highest close since February 2011. Japan, the world’s third-largest economy, intervened in the foreign exchange market to sell dollars and buy yen for the first time since 1998. The Fed raised short-term rates by 0.75 percentage point for the third consecutive meeting and said more large rate increases are likely.

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