10-year Treasury yield races back to 5% as inflation data, Waller comments drive rate hike expectations

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Treasury yields jumped on Tuesday after the U.S. consumer price index data for October came in hotter than expected . The yield on the 2-year Treasury note, which more closely follows short-term Fed rate decisions, added more than 20 basis points to 4.755%. The yield on the 10-year Treasury note — the benchmark for mortgages, car loans and credit card rates — climbed more than 14 basis points to 5.004%. The 30-year Treasury bond yield, more sensitive to geopolitical developments, rose more than 10 basis points at 5.364%. One basis point equals 0.01% or 1/100 th of 1%, and yields and prices move inversely to one another. The consumer price index for October grew 0.4%, more than the 0.3% expected from economists polled by Dow Jones and down from the 0.