"10-Year Treasury Yield Surges to Pre-2008 Highs"

The yield on the 10-year Treasury reached its highest level since 2007, causing concerns among investors about the possibility of higher interest rates for a longer period. The 2-year Treasury yield also rose, and investors are awaiting comments from Fed policymakers, including Chairman Jerome Powell, for clues about the future of interest rates. The minutes from the Fed's latest meeting indicated the potential for further rate hikes depending on the economy and inflation. China's central bank made a smaller-than-expected cut to its one-year loan prime rate, following surprise interest rate cuts last week due to weak economic data.