Hammack says current US rates remain modest historically
Cleveland Fed President Beth Hammack said Treasury yields now resemble 1990s levels, while mortgage rates above 7% may reflect a healthier backdrop.
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what happened
Newsmetry API, citing a report by Howard Schneider, said Cleveland Fed President Beth Hammack told reporters on Monday that higher interest rates have brought US Treasury yields closer to historical norms. She said yields on 10-year notes are now comparable with those seen in the 1990s and described current levels as modest, even though they appear elevated.
Hammack also said a return of mortgage rates to around 3% would probably signal that something had gone wrong in the economy. The period from the 2007–2009 financial crisis through the pandemic combined cheap mortgages with weak growth and forceful central-bank action. Mortgage rates currently stand above 7%.
why it matters
The remarks frame today’s bond yields and mortgage costs as closer to historical conditions than the unusually low levels of the post-crisis and pandemic years. That assessment matters for Treasury markets, housing finance and expectations for monetary policy.
instruments
sources
- Current US interest rates are modest by historic standards, Hammack says — Newsmetry API, 12 October 2026 at 17:40 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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