US Treasury yields hit multi-year highs as markets await Fed rate signals

US Treasury yields hit multi-year highs as 30-year bonds exceeded 5.6%, the highest since June 2002, and 10-year yields neared 5.3%, a record since 2007, pressuring stock markets. Dow Jones, S&P 500, and Nasdaq closed lower amid tightening financial conditions, though oil prices fell. New York Fed President John Williams said there is no rush to act, while odds of a quarter-point rate hike next month dropped to 49% from 71%. Markets now focus on the PCE inflation index, expected to rise 0.3% in August for a 3.7% annual rate. Mortgage rates reached 7.58%, and analysts warn higher borrowing costs could slow the economy.