10-Year Treasury Yield Jumps As Markets Bet On Two Fed Rate Hikes. Bessent Won't Fight It.

The 10-year Treasury yield hit a 19-year high on Wednesday on strong economic data that has Wall Street betting on two more Fed rate hikes in 2026. Despite the jump in interest rates, the Treasury Department kept a $6 billion ceiling for buybacks of long-term Treasury bonds, signaling no appetite to fight market pressures. The preliminary S&P Global purchasing managers'…