US 10-year treasury yield surges above 2.8%, highest since 2018

• 30-year Treasury yields increase to 2.829 %

The 10-year Treasury yield in the United States surged to its highest level since December 2018 with investors fleeing riskier assets as the Federal Reserve prepares for more aggressive rate rises.

The yield on the benchmark 10-year Treasury note surged to 2.811 %. The 30-year Treasury yield advanced to 2.829 %. Yields move in the opposite direction of prices, and one basis point equals 0.01 %.

The Treasury yield has risen sharply ahead of critical inflation statistics.

Read more: Fed's March minutes imply monthly bond holding reduction of $95 trillion

The consumer price index for March will be released on Tuesday at 8:30 a.m. ET. According to Dow Jones economists, the data will indicate an 8.4% annual increase in prices, the highest level since December 1981.

The US stock futures also edge down as Dow Jones Industrial Average futures decreased 0.13 % on Tuesday. The S&P 500 futures drop 0.12 %, while the Nasdaq futures dropped 0.08 %.

Read more: Yellen warns of lasting global economic ramnfications of Russia-Ukraine war

In the commodities market, Brent crude futures, the global oil benchmark increased 3.05 % to $101.53 a barrel. WTI Crude oil prices ticked up 3.06 % to $97.17 per barrel.

Picture Credits: Reuters