(Bloomberg) -- The 10-year Treasury yield reaching 5% depends on whether investors are convinced the economy will continue to strengthen and that the Federal Reserve will keep interest rates high for longer, researchers at Bank of Amercia said.Most Read from BloombergChina Puts Evergrande’s Billionaire Founder Under Police ControlRepublican Moderates Turn to Rare Maneuver to Avoid Lengthy Government ShutdownDimon Warns 7% Fed Rate Still Possible, Times of India SaysStock, Bond Selloff Resumes as
Treasury yields resumed climbing Wednesday, with benchmark rates across the curve up 6 to 10 basis points. The 10-year yield rose 10 basis points to 4.64%, a fresh high from October 2007. A broad market retreat gained traction from a rally in US crude oil futures that is seen fanning inflation pressure and from bearish sentiment that the central bank will need to keep borrowing costs high for longer.
Having the benchmark that determines US fixed rate home mortgages and corporate borrowing costs reach 5% “is likely to require not only a further upgrade to fundamentals — beyond a soft landing which is still our baseline — but also a higher degree of conviction around the outlook,” Braizinha wrote.
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