10-year Treasury yield leaps above 4.40% as Trump projected to win U.S. presidential election

Treasury yields rose on Wednesday as Donald Trump was projected to win the U.S. presidential election over Vice President Kamala Harris. The 10-year Treasury yield jumped to 4.42%, its highest level since July, as investors anticipated increased economic growth under a Trump presidency. The yield on the 2-year Treasury also increased, reaching its highest level since July 31. Wall Street expected bond yields to rise further in the event of a Republican sweep, with potential tax cuts and tariffs leading to economic growth but also widening the fiscal deficit. The Federal Reserve is expected to slash interest rates by a quarter point on Thursday.