The benchmark 10-year Treasury yield hit its highest level in 16 years Tuesday, as fears of higher Federal Reserve interest rates to fight inflation rattled Wall Street. Over the past month, the benchmark rate has jumped more than 50 basis points.

“The intensification now? The rearing of inflation which for decades was assumed dead. And it’s simply not that easy to eradicate as we’re seeing with union strikes and success across the country. High debt, high rates. Welcome to 2023,” wrote Gregory Faranello, Head of U.S. Rates Strategy at AmeriVet Securities, this week.

— Fred Imbert