The U.S. Treasury market is having another rough session today, and the yield on the 10-year U.S. Treasury note just broke through to new multi-year highs.
Treasuries put in their highs of the morning around 9:20 AM ET and have been sinking ever since.
Right now, 10-year Treasury futures are down 0.5%, and the 10-year yield is up 7 basis points from yesterday's close to 2.84%.
At the height of the selling this afternoon (shortly before 2 PM), the 10-year yield hit a high of 2.86%.
This morning, the preliminary results from the University of Michigan's consumer confidence survey suggested that confidence unexpectedly fell sharply this month. However, the release did not appear to have an effect on the bond market.
The chart below shows trading in 10-year Treasury futures.
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