Wall Street Journal: “Since April 2, declines in the prices of longer-term Treasurys have driven up the yield on the benchmark 10-year note to around 4.37%, according to Tradeweb. That climb happened even while shorter-term yields were falling, dragged down by bets that the Federal Reserve will respond to a slowing economy by cutting interest rates.”
“The unusual divergence, known in Wall Street parlance as a ‘steepening twist,’ is already challenging policymakers and raising borrowing costs for consumers.”