Treasury yields surged Wednesday as Donald Trump won the U.S. presidential election over Vice President Kamala Harris, with a Republican sweep in Congress possibly also in the cards.
The 10-year Treasury yield jumped 17 basis points to trade at 4.461%, hitting its highest level since July as investors bet a Trump presidency would increase economic growth, along with fiscal spending.
The yield on the 2-year Treasury was up by more than 8 basis points to 4.287%, reaching its highest level since July 31. One basis point is equivalent to 0.01%. Yields and prices have an inverted relationship.
NBC News projected that Trump won the presidential election, driven by victories in North Carolina, Wisconsin, Pennsylvania and Georgia. NBC News also projected Republicans are expected to regain majority control of the U.S. Senate in 2025. The House was still up for grabs, leaving open the possibility of a Republican sweep.
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