10-year Treasury yield pushes above 1.60% ahead of next week's Fed meeting

U.S. Treasury yields extended their rise on Friday before next week's Federal Reserve meeting where the central bank may opine on the impact of the bond-market selloff on financial conditions. The 10-year Treasury note yield surged 10.6 basis points to 1.633%, its highest level since around Feb. 2020. Bond prices move inversely to yields. Though it wasn't clear what had triggered the sharp surge in yields, investors suggest the fiscal relief bill passed this week may be energizing the bond-market bears. Tom di Galoma, managing director of Treasurys trading at Seaport Global Securities, said if the 10-year closed above 1.64%, the next move for the benchmark maturity would be towards 1.75%.

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