US Treasury yields reach 19-year highs amid inflation and rate hike concerns

Yields on 10-year US Treasury notes reached their highest levels in 19 years following strong economic indicators and rising oil prices that elevated inflation concerns. The 5-year Treasury yield also exceeded 5 percent, while 30-year fixed mortgage rates climbed past 7 percent to reach a two-year high. Whether the Federal Reserve will raise benchmark interest rates in response to the pressure remains unconfirmed.