Investments

Yield-hungry insurers, banks and exchange-traded funds fueled demand this year while a wave of redemptions crimped net supply.

Investors bought 15.9% of U.S. homes sold in Q3, according to Redfin, a level similar to 2018 and 2019, when the share was around 14%.

Yields on 30-year bonds rose as much as 6 basis points to 4.68%, a level last seen at the end of May.

The benchmark 10-year Treasury yield topped 4.5% for the first time since May after the release of retail sales data including hefty upward revisions.

Treasury yields rose the day after President-elect Donald Trump was picked. The short-term result: It's harder for commercial real estate lenders and borrowers to find common ground.

Two-year yields — more closely tied to the Fed's decisions than longer-maturity debt — reached the highest level since July, and three- to 30-year yields rose at least 10 basis points.

So-called Trump trades seesawed as investors sought hedges before election day, only to pile back in as the results became clear.

Traders are looking to central bankers for clues on how Trump's tax-cut and tariff policies could alter their outlook for global growth and inflation.

Trump has promised levies on US imports that would upend global trade, tax cuts that would further stretch the federal budget and deportations that could shrink the pool of cheap labor.

The yield on 10-year Treasuries rose as much as five basis points to 4.33%, nearing an over three-month high, with strategists and investors warning of outsized market swings on the results of the vote.