US 10-Year Yield Hits Nearly Two-Decade-High: El-Erian Says It ‘Shouldn't Be As Big A Surprise’
The U.S. 10-year Treasury yield surged about 13 to 17 basis points in a single day on Wednesday to close at 5.11%, notching its highest level since July 2007.The surge followed rising inflation concerns after S&P Global said its flash U.S. Composite PMI Output Index, which tracks the manufacturing…