10-Year Treasury Yield Leaps to 4.706% on Q1 GDP

U.S. Treasury yields rose Thursday after the Commerce Department reported slowing growth in the U.S. economy and rising inflation, CNBC reports.

The benchmark 10-year Treasury yield climbed by 5 basis points to 4.706%, its highest level since Nov. 2, 2023. The 2-year Treasury yield climbed 6 basis points to 4.995%.

Commerce’s Bureau of Economic Analysis reported gross domestic product grew 1.6% in the first quarter, far lower than the 2.4% expected by economists.

In addition, consumer prices grew 3.4%, up from 1.8% in previous quarter, putting into question whether the Federal Reserve will cut rates in the near future.