2026.07.3113:53:25UTC+00US 10 Year Treasury Yield Back to 2025-Highs

The yield on the US 10-year Treasury note climbed to 4.71% on Friday, returning to its highest level since January 2025, as investors digested hawkish comments from Federal Reserve officials that strengthened the case for higher interest rates to contain inflation. Minneapolis Fed President Neel Kashkari said he would rather implement smaller rate hikes now than delay action, while Cleveland Fed President Beth Hammack cautioned that the longer inflation stays elevated, the more challenging and costly it will be to return it to target. Both were among the three FOMC members who dissented at this week’s meeting, voting for a 25 bps increase even as the Fed ultimately left the federal funds rate unchanged. Nonetheless, expectations for a rate hike at the September policy meeting eased after Governor Kevin Warsh offered little clarity on the future path of monetary policy, although markets are still pricing in roughly a two-thirds chance of a 25 bps increase.