The yield on the benchmark 10-year U.S. Treasury note climbed to its highest level in 19 years on Wednesday, according to CNBC, as investors reacted to fresh economic data and rising concerns about the path of interest rates.

CNBC reported that Treasury yields traded higher after new services and manufacturing sector data increased worry of further Federal Reserve rate hikes. Stronger-than-expected activity in those sectors can signal persistent economic momentum, which markets often read as a reason for the central bank to keep policy tight.

Bond yields and prices move in opposite directions, so the jump in the 10-year yield reflects selling pressure in the Treasury market. The 10-year note is a widely watched benchmark that influences borrowing costs across the economy.

The move underscores how sensitive the bond market remains to signals about the Federal Reserve’s next steps. When data points to continued strength, investors tend to price in the possibility of additional rate increases, pushing yields higher.

According to CNBC, the immediate catalyst was the release of the new services and manufacturing figures, which shifted expectations around the Fed’s policy stance heading into the coming months.