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The yield on the 10-year Treasury note hit a new multiyear high Wednesday, topping 3.1 percent for the first time since July 8, 2011.

The two-year Treasury note yield also notched a new multiyear high of 2.593 percent, its highest since August 11, 2008.

The article goes on to state the following:

The 10-year Treasury yield ticked higher in late afternoon trading, adding to its sizable climb over the past two days; the rate remains up roughly 10 basis points since Monday morning.

The 10-year Treasury rate is especially important given its role in helping set rates for a whole range of business and consumer loans, including home mortgages.

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