10-year Treasury yield hits new high for the year after very hot producer prices reading

Traders work on the floor at the New York Stock Exchange. Brendan McDermid | Reuters Treasury yields rose Wednesday as investors digested the implications of hotter-than-expected wholesale prices in April. The yield on the 10-year U.S. Treasury note — the key benchmark for U.S. government borrowing — was last up more than 1 basis point at 4.487%. It had risen as much as 3 basis points to hit a high of 4.49%, reaching its highest level since July 17. …