U.S. 10-year Treasury yields hits 5% for first time since 2007

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LONDON - The U.S. 10-year Treasury yield briefly reached 5% for the first time since 2007, marking a fresh milestone in a relentless push higher for government borrowing costs.

Earlier on Thursday, Fed Chair Jerome Powell said the economy's strength and continued tight labor markets could require still tougher borrowing conditions to control inflation, although rising market interest rates could make action by the central bank itself less necessary.

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