The Fed Didn’t Raise Rates. The Bond Market Did.

The yield on the 10-year Treasury rose to 4.5 percent on February 18, 2026, according to market data, increasing borrowing costs for mortgages and business loans without a Federal Reserve rate increase. Home mortgage rates and corporate bond yields moved higher in response to the Treasury yield shift. The higher yields benefited savers and retirees holding fixed-income investments.

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