Treasury Yields Edge Toward 5% Amid Global Bond Selloff

A global selloff in longer-term government bonds has pushed 10-year Treasury yields close to 5% for the first time since 2007, before the financial crisis ushered in more than a decade of ultra-low interest rates. Driving longer-term yields higher is the realization that the Federal Reserve is likely to keep interest rates at high levels next year, said Altaf Kassam, a strategist at State Street Global Advisors. "The economic data is still strong, so that doesn't give the Fed an easy excuse to start cutting rates," he said.