Shafaq News / The yield on the benchmark 10-year U.S. Treasury note, a safe-haven in times of economic uncertainty that also sets the tone for borrowing costs around the world, hit the 5.0% mark on Thursday for the first since July 20, 2007.

The 10-year’s yield climbed to a 16-year high of 5.001%, and was last up 8.8 basis points to 4.989%.

The benchmark’s yield has surged about 27 basis points this week as investors expect interest rates to remain “higher for longer,” a common refrain among Federal Reserve officials who are fighting the highest U.S. inflation since the early 1980s.

(Reuters)