"10-year Treasury Yields Surge as Dollar Strengthens Ahead of Fed Chair's Speech"

U.S. Treasury yields, including the 10-year Treasury, reached multiyear highs as investors awaited remarks from Federal Reserve Chairman Jerome Powell. The 10-year Treasury yield rose as high as 4.98%, trading at levels last seen in 2007, while the 2-year Treasury yield hovered at levels last seen in 2006. Investors are looking for clues about the outlook for interest rates and the economy, with expectations that rates will likely remain elevated for longer than previously expected. Some policymakers have suggested that rates may not need to be hiked further, citing tighter financial conditions brought on by surging Treasury yields.