10-year Treasury note rate at 2.995%; 2-year Treasury yields 2.678%

10-year Treasury note rate at 2.995%; 2-year Treasury yields 2.678%

U.S. benchmark government bond touches 3% for first time in about 7 weeks ahead of Fed update

The 10-year Treasury note touched a psychologically significant level at 3% for the first time since mid June. The 10-year near note stood at 3.002%, most recently. That’s a rate it hasn’t hit since June 13. The benchmark note, used to price all manner of debt, including home and car loans, as well as corporate debt, has at times created friction in equity markets, when it rises, because advancing borrowing costs for U.S. corporations can erode revenues. However, a move toward 3% comes after the U.S. economy posted a 4.1% annual rate of expansion for the second quarter and as major companies have booked relatively strong quarterly reports, which may, in theory, help to mute the effects of rising rates. The Dow Jones Industrial Average was poised to open flat, while the S&P 500 index appeared set to edge slightly higher on the back of a bounce for technology and internet-related stocks. The Nasdaq also was poised for gains.

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