The 10-year U.S. Treasury yield fell slightly on March 1, trading below the high water mark from the week of Feb. 22’s surge.
The yield on the benchmark 10-year Treasury note (^TNX) fell to 1.429%. The yield on the 30-year Treasury bond (^TYX), however, climbed up to 2.199%. Yields move inversely to prices.
The 10-year yield pulled back from its highs during the week of Feb. 22, when it briefly topped 1.6% and spent a significant amount of time above 1.5%. The jump during the week of Feb. 22 brought the yield over the dividend yield of the S&P 500 (^GSPC).
The spike in the 10-year yield, which is used as a benchmark for mortgage rates and auto loans, was driven by expectations of improving economic conditions as coronavirus vaccines rolled out. Fear of higher inflation also c…