Finance

The yield on the benchmark 10-year U.S. Treasury note climbed toward 4.8%, reaching its highest point since early 2025. Rising energy costs and hawkish statements from central bank officials are driving a widespread exit from government debt, driving up borrowing costs globally.

Market participants are rapidly adjusting to the likelihood of further monetary tightening, with the CME FedWatch tool indicating a 66% probability of an interest rate increase at the upcoming Federal Reserve meeting. Wall Street is adjusting expectations as inflation remains well above the central bank's target and the labor market stays resilient.

Bitcoin and precious metals faced downward momentum, failing to maintain their early openings as non-yielding assets lost favor under higher interest rate forecasts. Bitcoin dipped below the $78,000 threshold while gold futures fell over 1% to slide to around $4,428 per ounce.