30-year Treasury yield tops 5% briefly after Moody's downgrades U.S. credit rating

U.S. Treasury yields were off their highs Monday afternoon but remained elevated after Moody’s downgraded the U.S.’s credit rating. Rates hit key levels that have pressured financial markets recently.

The 30-year Treasury yield hit a high around 5.03%, reaching levels not seen since November 2023. The yield last traded at 4.921%, up 2 basis points. The 10-year yield also climbed 2 basis points to reach 4.459%. Meanwhile, the 2-year Treasury yield shed 1 basis point to 3.972%.

One basis point is equivalent to 0.01%, and yields and prices move in opposite directions.