Higher Oil Prices Push 10-Year Treasury Yields to 4.26%

The 10-year U.S. note yield rose nearly 6 basis points to 4.26% as investors sold bonds in response to inflation measures that exceeded analyst expectations. The Dow Jones Industrial Average fell 1.6% and the S&P 500 fell 1.4%, marking their lowest levels since November. The Nasdaq Composite lost 1.5%. The VIX Composite spiked nearly 10%. This market slide followed the Federal Reserve's decision to keep interest rates unchanged during a policy meeting concluding on March 18. Fed Chair Jerome Powell cited inflation concerns and uncertainty stemming from the war in the Iran as reason for the stability of rates. Brent crude oil closed at $105 a barrel, up nearly 6%, and the nationwide average for a gallon of gas reached $3.86.