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By Vivien Lou Chen

Instead of falling as Wall Street braces for another Fed rate cut next week, the 10-year Treasury yield rose 12 basis points for the week to almost 4.14%, the most since April

Recent U.S. economic data has bond-market participants uncertain about the Federal Reserve’s ability to cut interest rates next year.

In a bad sign for anyone looking for a reprieve from higher borrowing costs, longer-dated U.S. government debt sold off sharply this week.

The 10-year note and 30-year bond had their worst weekly performances since April and May on conflicting economic data that is sowing doubts about how much the Federal Reserve can cut interest rates in 2026.

Traders widely expect a quarter-point rate cut next week that will push the central bank’s main policy target down to between 3.5% and 3.75%. But they were less certain about next year and see a decent chance that the central bank won’t cut rates again through next March.

Benchmark yields are significant to households, businesses and governments because they influence the cost of borrowing on everything from mortgages, auto loans and credit cards to capital projects, while also affecting interest payments on the national debt.

On Friday, the 10-year Treasury yield BX:TMUBMUSD10Y rose 12 basis points for the week to almost 4.14%, the most for any week since April, according to Dow Jones Market Data. The yield on the 30-year bond BX:TMUBMUSD30Y advanced by a similar amount to almost 4.8%, the biggest weekly increase since May. Yields move in the opposite direction to prices, so a rise in these rates is a reflection of the selloffs that took place in the underlying government maturities.

“Yields are heading back to the higher end of the range that we’ve seen since summer,” said Tom Nakamura, a currency strategist and co-head of fixed income at AGF Investments in Toronto, which had almost $43.6 billion (C$60.4 billion) in assets under management and fee-earning assets as of November.

“One of the things driving this is some of the economic data, like jobless claims and University of Michigan consumer sentiment, which are showing resilience and may curtail the Fed from easing much further,” he said.

Data released on Thursday showed initial jobless claims fell to a more than three-year low of 191,000 in the week that ended Nov. 29. On Friday, the University of Michigan’s consumer-sentiment reading inched up by 2.3 points to 53.3 for December, and the rate of U.S. inflation based on the personal consumption expenditures index for September remained stable.

On a more downbeat note, however, payroll processor ADP reported that privately run businesses eliminated 32,000 jobs in November, for the biggest decline since the spring of 2023.

Meanwhile, bond traders are keeping an eye on rising Japanese yields and the possibility of a rate hike by the Bank of Japan later this month. Concerns are that Japan’s bond-market developments, triggered by worries over economic-stimulus efforts under Prime Minister Sanae Takaichi, might lead to higher yields in the U.S.

Read: Investors are worrying about potential spillover from surging Japanese bond yields. Here’s a breakdown of what matters.

“Globally, we’re seeing some pressure on bonds from fiscal policy – for example, in Japan, with yields on Japanese government bonds rising because the country’s fiscal policy is seen as adding to inflation concerns,” Nakamura said via phone. “The market will tend to focus on fiscal concerns in waves. And as they get highlighted in one market, this tends to shine a light on others as well, particularly in countries where fiscal policy has been more stimulative, such as the U.S.”

On Friday, 1- through 30-year yields finished broadly higher. All three major U.S. stock indexes ended in the green, with the S&P 500 SPX and Nasdaq COMP each securing a fourth day of gains.

-Vivien Lou Chen

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While many players headed to the beach for some much-needed rest and relaxation after the grueling season, Linda Noskova opted to go in a different direction with her time off.

The 21-year-old Czech headed to Zanzibar, Tanzania and spent an eye-opening week volunteering at a local school. Noskova experienced what life is like for the 300 students firsthand, living in a volunteer house with shared rooms and no air conditioning.

The trip offered a great deal of perspective, and it was one of the most rewarding experiences of Noskova’s life.

“Traveling to Zanzibar, Africa to volunteer was one of the most meaningful experiences of my life, and finally making that long-time dream happen felt both surreal and unforgettable,” the World No. 13 said. “I prepared myself for the cultural shock, but nothing could compare to being there in person — seeing how people live, understanding their challenges and feeling their warmth despite having so little.”

Noskova was touched and inspired by how kind and appreciative the students were, and is determined to continue providing opportunities for the community.

“Their kindness, their excitement and their resilience changed something in me,” Noskova said, “and supporting them now feels like the most natural thing to do. This trip opened my eyes in ways I didn’t expect, and it reminded me how fortunate we are — an experience I believe everyone should have at least once in their life.”

Noskova’s volunteer work comes on the heels of the season of her career. She made her debut in the Top 20 in October following her run to the final of the WTA 1000 event in Beijing, where she lost to Amanda Anisimova in three sets. Earlier in the year she made the final in Prague, and reached another final in her last tournament of the year, in Tokyo.

A bone regeneration device using bioactive materials pioneered by Querrey Simpson Institute for Regenerative Engineering at Northwestern University (QSI RENU) director Guillermo Ameer was recently used in its first surgical case, Acuitive Technologies Inc. announced. 

Called Citregraft, the technology is composed of the citrate-based polymers developed in the Ameer laboratory as well as bioactive glass. It is a highly porous, synthetic bone graft substitute that can be morselized to fit irregular defects. After placement in a bony void, Citregraft binds local growth factors and steadily releases citrate to support bone regeneration before resorbing and being replaced by the patient’s natural bone.

In its first surgical use, the sponge-like material repaired bone tissue that was harvested as part of an ACL reconstruction on the knee. The device received FDA clearance last November and is one of several products in Acuitive Technologies’ CITREGEN product line.

“Twenty years after the first report of citrate-based polymers we now see another major milestone: the use of our biomaterial technology to develop a citrate-based bioactive scaffold to regenerate bone tissue in patients,” said Ameer, the Daniel Hale Williams Professor of Biomedical Engineering at Northwestern Engineering and a professor of surgery in Northwestern’s Feinberg School of Medicine. “This builds on the success and expands the impact our biomaterial technology and collaboration with Acuitive Technologies has made on medical devices that regenerate musculoskeletal tissues.

“I am very proud of our research team members, past and present, who have contributed to the development and applications of citrate-based biomaterials. I am humbled to see that the impact of our publications goes beyond academic research, being validated by industry, and now improving the lives of patients.”

Editor’s note: Intellectual property associated with the Citregraft is subject to an exclusive license between Northwestern and Vesseltek Biomedical. Pursuant to the terms of that license, Northwestern has financial interest in Vesseltek Biomedical. Vesseltek Biomedical sublicenses Northwestern intellectual property associated with Citregraft to Acuitive Technologies. Ameer has financial interest in Vesseltek Biomedical and serves on the scientific advisory board of Acuitive Technologies.