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Sept. 24, 2021, 10:25 a.m. EDT

Ten-year Treasury yield breaches 1.45% to hit the highest level since July

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By Vivien Lou Chen

The 10-year Treasury yield rose to its highest level in almost three months on Friday, spurred by the Federal Reserve’s policy update two days ago in which officials said they may soon be pulling back on their $120 billion of monthly bond buying.The rate /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y -1.56% breached 1.45% in New York morning trading, a level not seen since July 1. It had been as low as 1.15% on Aug. 2, weighed down by uncertainty about the central bank’s tapering plans and the economic impact of COVID-19’s spreading delta variant.A significant portion of Friday’s yield move “has to do with the Fed pulling back on accommodation,” by starting its tapering of bond purchases shortly and completing by mid-2022, said Larry Milstein, senior managing director of government debt trading at R.W. Pressprich & Co.The move higher in bond yields may have dented the bounce in U.S. stocks. The Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP +0.06% was down sharply, while the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.04% and S&P 500 Index /zigman2/quotes/210599714/realtime SPX +0.18% battled to end the week in the black.

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