US interest rates are zipping higher, but don't blame the Fed

U.S. interest rates are moving higher because the U.S. government is expected to take on more longer-term debt, and global central banks are stepping back from some of the easy policies adopted in the financial crisis. The widely-watched 10-year benchmark Treasury yield jumped through 3 percent for the first time since June 13, on a combination of factors, including stronger ADP jobs data, an announcement on Treasury borrowing needs and signs the Bank of Japan may be tweaking its policy. The Fed, meanwhile, was meeting Wednesday and was not expected to take action, but analysts expect the 10-year to remain on an upward trajectory at least to Friday's government jobs report.