Fed's faster-than-expected rate hike signal triggers world stock sell-off

Ten-year treasury yield crosses 1.75%, on track for its biggest weekly rise since 2020

Stock markets were deep in the red and some key government bond yields climbed to their highest in years on Thursday after the Federal Reserve signalled the possibility of faster-than-expected US rate hikes and stimulus withdrawal. The 10-year Treasury note’s yield briefly topped 1.75%, approaching its 2021 high, deepening one of the biggest weekly selloffs in U.S. government debt in years. 

The benchmark note’s yield rose as much as 4.6 basis points to 1.751%, within three basis points of last year’s high, reached on March 30. After retreating to around 1.73% it remains about 22 basis points higher on the week,