MARKET WRAP: JSE weaker amid rising US Treasury yields

The JSE tracked weaker global markets on Friday as investors digested Federal Reserve chair Jerome Powell’s comments which saw US Treasury yields rise to a 16-year high.

The yield on the benchmark 10-year US Treasury note stood at 4.935% during early US trade on Friday, having hit 5.001% in the previous session. Yields rose after comments by Powell suggested the Fed is likely to keep rates steady, damping hopes of rate cuts. The first time it traded above that level was July 20 2007, when it yielded as high as 5.029%, reported Bloomberg…