10-Year Treasury Yield Breaks Out, Testing Bessent, Hitting Stocks

The 10-year Treasury yield hit a 19-month high Monday morning in a challenge to Treasury Secretary Scott Bessent’s effort to assert control over long-term government bond yields. Higher long-term bond yields are generally a negative for stock prices and mortgage rates, and place upward pressure on the surging cost of servicing the federal debt. Treasury announced on Aug. 19 that…