10-Year Treasury Yield Holds Near 16-Year High of 5% Despite Fed's Less Restrictive Policy

The yield on the 10-year Treasury is hovering close to 5%, the highest level in 16 years.

Strategists at Barclays said Fed policy isn't even very tight and rates won't fall soon.

History suggests yields are in line with expectations for the economy over the medium-term.

There's a less than 1% chance yields climb above 5.5% without higher inflation expectations.

Barclays strategists said the 10-year yield remains below the expected terminal rate for the Fed's hiking cycle.