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1-year Treasury yield touches almost 4.9% and heads for its highest level in 15 years

The 1-year Treasury yield , which captures the bond market’s expectations for the direction of interest rates within that time frame, rose to as high as 4.87% on Wednesday and appeared to be headed for its highest level since 2007. Traders are increasingly factoring in the likelihood that Federal Reserve officials will push the fed-funds rate target up toward 5% by next year, versus its current level between 3.75% and 4%. If the 1-year rate finishes the New York session at or around 4.87%, that would be the highest level since Aug. 8, 2007, when it reached 4.89%, according to FactSet. In January 2007, the 1-year closed as high as 5.12%.

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