Surging Treasury Yields Shake Markets, Reach New Highs

The 10-year U.S. Treasury yield reached a new 15-year high, climbing to 4.566%, while the 30-year Treasury yield hit 4.7%, both levels not seen in years. Disappointing economic reports, including lower-than-expected new home sales and a decline in consumer confidence, raised concerns about the future of interest rates. The Federal Reserve left rates unchanged but signaled one more rate hike this year. Investors are also worried about a potential government shutdown as Congress remains divided over a spending bill, which could negatively impact the U.S.' credit rating.