Hamack: The rise in US long-term Treasury yields is due to multiple factors.

Cleveland Fed President Beth Hammack said the rise in long-term U.S. Treasury yields stems from improved economic growth expectations, market concerns about government debt, and expectations of further Fed rate hikes. Speaking Friday at a conference hosted by the Cleveland Fed, Hammack said: "I think multiple factors are at work together. On the one hand, economic data has been quite solid, and the market expects the economy to continue improving." Hammack said: "The market is to some extent weighing the Fed's reaction function and what policy measures may need to be introduced." She added that investors are pricing in further Fed rate hikes.