The 10-year Treasury yield has reached its highest level since November 2007, closing at 4.37%. This marks the potential fifth consecutive month of yield increases. The yield has increased by 25 basis points this month, the largest increase since February 2023. The US Treasury 10 Year Note ETF (NASDAQ:UTEN) is down 5.4% year-to-date. The Federal Reserve Open Market Committee (FOMC) is expected to maintain its federal funds rate target between 5.25% and 5.5%.