
A | NEW YORK -- The yield on the 10-year Treasury has reached 5% for the first time since 2007. That matters for everyone, not just Wall Street. Treasury yields have been climbing rapidly, with the 10-year yield rallying from less than 3.50% during the spring and from just 0.50% early in the pandemic. Monday morning, the yield on the 10-year Treasury was at 4.96% after hitting 5.02% earlier. The jump means the U.S. government must pay more to borrow money from investors to cover its spending.It also directly affects people around the world, because the 10-year Treasury yield is the centerpiece of the global financial system and helps set prices for all kinds of other loans and investments. Besides making it more expensive for U.S. homebuyers to buy a house with a mortgage, higher yields also put downward pressure on prices for everything from stocks to cryptocurrencies. Eventually, they could help cause companies to lay off more workers. Higher yields mark a sharp turnaround for a generation of consumers and investors who have known pretty much just low yields, as central banks kept benchmark interest rates pinned at nearly zero. Such low rates let people borrow money more easily, which helped economies to strengthen following the 2008 financial crisis, the European debt crisis and other maladies including, most recently, the COVID-19 pandemic. The low rates led to rising prices for houses, stocks and other investments, but they may also have encouraged too much risk-taking and spurred investment bubbles.Now, central banks are more concerned with getting high inflation under control. To do that, they raise interest rates and hope the higher costs to borrow will starve inflation of its fuel by bringing down spending. The Fed's main interest rate affects extremely short-term loans, those that banks charge overnight. The Fed has already pulled its federal funds rate to the highest level since 2001, and it's debating whether to hike it one more time. Either way, it's signaled plans to keep rates high for a while to successfully suffocate inflation. The 10-year Treasury yield has been catching up to the Fed's main interest rate after a string of reports has shown the U.S. economy remains remarkably resilient. While that calms worries about a possible recession caused by high rates, it could also keep upward pressure on inflation and shorter-term rates. Federal Reserve Chair Jerome Powell said Thursday that many other factors could be contributing to the swift rise in the 10-year Treasury yield. They include the U.S. government's big deficits, which require more federal borrowing, and the Fed's ongoing efforts to reduce its trove of bond investments built earlier to keep yields low. On the wonkier side, bond prices have also been falling in tandem with stock prices more often than they used to. That's unnerving for investors who usually see bonds as the safer part of their portfolios, and it could be pushing them to demand higher yields to own them.The rise in the 10-year Treasury yield most directly means the U.S. government has to pay more to borrow money for 10 years. But because the 10-year yield is the reference point for financial markets, it also quickly filters out into all kinds of loans. Even for companies with the best credit ratings, the interest rates they borrow at are set by adding some extra on top of whatever the U.S. government is paying for its Treasurys. Borrowers with worse credit ratings have to pay more extra than those seen as good bets to repay their debts.More expensive borrowing keep U.S. households from spending as much and companies from expanding as much, which should eventually hit overall U.S. economic activity. More immediately, because a 10-year Treasury is seen as one of the safest possible investments on the planet, its yield swiftly sways prices for all kinds of investments. When a super-safe Treasury is paying much more in interest, investors feel less need to pay high prices for a Big Tech stocks, cryptocurrency or other investment that carries more risk. It's a big reason the S&P 500 has seen its gain for the year so far tumble from 19.5% at the end of July to 10% as of Friday. Higher U.S. yields also attract more investments from abroad, which means investors are increasingly swapping their currencies for U.S. dollars. Since the end of July, the U.S. dollar has climbed roughly 4% against the euro, 5% against the British pound and 6% against the Australian dollar. While a stronger dollar helps U.S. tourists buy more stuff when they're abroad, it can also add financial pressure and heighten inflation for other countries, particularly in the developing world. Even for U.S. bond investors, the swift rise in bond yields has brought losses of their own. When new bonds are paying higher yields, it makes the older, lower-yielding bonds already sitting in investors' portfolios or mutual funds less attractive and knocks down their price.The largest U.S. bond mutual fund has lost roughly 3% so far in 2023 and is on track for a third straight yearly loss. That's never happened since its birth in 1987.。 [영남본부=이기암 기자 [email protected]] 거제시육아종합지원센터, 영유아 부모교육 운영대한적십자 거제시협의회, 수해 현장 복구·이재민 지원해양수산부는 지난 25일 대회 개최 여건과 지역 피해 상황 등을 종합적으로 검토한 끝에 경남 거제시 일운면 일원에서 열릴 예정이던 제18회 전국해양스포츠제전을 최종 취소했다고 밝혔다.앞서 거제시는 지난 18일 집중호우로 시 전역에 피해가 발생하고 대회 개최를 위한 현장 여건도 충분하지 않다고 판단해 해양수산부와 경남도에 대회 취소를 건의했다. 해양수산부는 지난 25일 ‘제18회 전국해양스포츠제전’의 최종 취소를 결정했다. 사진은 행사가 열릴 예정이었던 와현해수욕장 전경 ⓒ시사저널 이기암제18회 전국해양스포츠제전은 27일부터 30일까지 거제시 일운면 일원에서 열릴 예정이었다. 전국 규모의 행사인 만큼 지역 관광과 경제 활성화 효과가 기대됐으나 집중호우 피해로 개최가 무산됐다.거제시 관계자는 "집중호우로 거제시 전역이 피해를 입은 상황에서 이번 결정은 불가피했다"며 "시민들의 일상 회복을 최우선에 두고 관련 후속 조치를 차질 없이 추진하겠다"고 말했다.◇ 거제시육아종합지원센터, 영유아 부모교육 운영경남 거제시육아종합지원센터는 8월 한 달간 영유아 자녀를 둔 부모를 대상으로 공통부모교육과 찾아가는 공통부모교육을 진행했다.이번 공통부모교육은 '양육 태도 바로보기'를 주제로 열렸다. 부모들이 자신의 양육 태도를 돌아보고 자녀의 발달에 긍정적인 영향을 줄 수 있는 양육 방법을 살펴보는 데 중점을 뒀다.방울방울어린이집 학부모를 대상으로는 '영유아 기질 이해'를 주제로 찾아가는 공통부모교육을 실시했다. 교육에서는 영유아마다 다른 기질적 특성을 이해하고 자녀의 특성에 맞는 양육과 상호작용 방법을 알아봤다. 아동학대 예방 공통부모교육 포스터 ⓒ거제시 제공9월에는 부모가 아동의 권리와 존엄성을 이해하고 일상에서 발생할 수 있는 아동학대를 예방하도록 돕는 교육을 진행한다. 거제시육아종합지원센터는 앞으로도 부모들이 양육 과정에서 겪는 고민을 나누고 실질적인 도움을 받을 수 있도록 공통부모교육과 찾아가는 부모교육을 이어갈 계획이다.◇ 대한적십자 거제시협의회, 수해 현장 복구·이재민 지원대한적십자사봉사회 거제시협의회가 집중호우로 피해를 입은 가정과 이재민을 위한 복구·구호 활동에 나섰다.거제시협의회는 침수 피해를 입은 가정을 찾아 토사와 집기를 치우고 가구 정리와 실내 청소를 지원했다. 봉사원들은 갑작스러운 침수로 일상생활에 어려움을 겪는 주민들의 피해 상황을 살피며 주민들이 직접 감당하기 어려운 복구 작업에 힘을 보탰다. 대한적십자사봉사회 거제시협의회 봉사원들이 집중호우 피해 가정에서 침수된 집기를 치우고 있다. ⓒ거제시 제공봉사원들은 이재민과 수해 복구 현장 인력을 위한 급식차도 운영하고 있다. 응급구호세트와 마음구호키트를 전달하는 등 현장 상황에 맞춘 구호 활동도 병행하고 있다.이경미 대한적십자사봉사회 거제시협의회장은 "갑작스러운 집중호우로 터전을 잃고 어려움을 겪고 있는 주민들에게 작게나마 힘이 되기를 바란다"며 "앞으로도 지역사회와 함께하는 현장 밀착형 봉사활동을 지속하며 나눔과 상생의 사회적 가치를 실현하겠다"고 말했다.대한적십자사봉사회 거제시협의회는 평소에도 취약계층 지원과 재난구호, 환경정화 등 사회공헌활동을 이어가며 지역사회 복지 증진과 나눔문화 확산에 힘쓰고 있다.。
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