US bond yields adjusted for inflation have surged to their highest level in 14 years, which has hit technology stocks hard, say analysts and investors.
So-called “real yields” on Treasury bonds have rocketed over the past two weeks as investors have bet that the Federal Reserve can keep inflation under control by keeping interest rates high while avoiding sending the economy into a recession.
On Thursday the yield on US 10-year inflation-linked government bonds, which are known as Tips, reached 1.998 per cent, its highest level since July 2009, according to Tradeweb data. It has risen 0.4 percentage points in August alone.
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