Treasury yields hit 16-year high after strong U.S. data

U.S. Treasury yields climbed sharply on Thursday, with the 10-year yield reaching its highest level since July 2007. The jump followed stronger-than-expected U.S. economic data and comments from Federal Reserve officials suggesting interest rates may stay high for longer. The 10-year Treasury yield, a key benchmark for borrowing costs across the economy, rose as investors sold bonds. Yields move opposite to bond prices. The data pointed to a resilient U.S. economy, which could give the Fed room to keep rates elevated in its fight against inflation.