Rising Long-Term Interest Rates

The 10-year bond is yielding over 4.7% this morning. That’s the highest long-term interest rate anytime in the past year:

Note: 10-year interest rate expressed in tenths of a percentage point, so “47” indicates 4.7%, etc.

Interest rates were higher for a few weeks during May and June of 2004, but other than that one must go back to 2002 to find long-term rates as high as they are today.