September 14, 2018 / 1:45 PM / 2 months ago

U.S. 10-year Treasury yield breaks above key 3 percent level

NEW YORK, Sept 14 (Reuters) - The 10-year U.S. Treasury yield on Friday morning broke above the key technical level of 3 percent following an upward trajectory through the week on solid economic data and signs the Federal Reserve is likely to raise interest rates another two times in 2018.

The benchmark government yield rose to a high of 3.001 percent, passing the 3 percent mark for the first time since Aug. 2.

On Friday morning Chicago Fed President Charles Evans delivered a message that was more hawkish than expected, saying interest rate hikes would begin to weigh on the U.S. economy next year and that it was premature to read too much into the flattening yield curve. As recently as this spring he had argued the Fed should stop raising rates so as to allow inflation to rise to 2 percent.

Also on Friday, U.S. retail sales recorded their smallest gain in six months in August, but upward revisions to July data likely kept intact expectations of strong economic growth in the third quarter. (Reporting by Kate Duguid Editing by Chizu Nomiyama)

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