Treasury yields hit 2002 levels, then buyers came
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The story behind it
Treasury yields touched a 24-year high, and then a US$39 billion bond sale calmed them down Read the edition →On the calendar
The US releases that move markets, in New Zealand and Australian time. Economic calendar →
The story behind it
Treasury yields touched a 24-year high, and then a US$39 billion bond sale calmed them down Read the edition →On the calendar
The US releases that move markets, in New Zealand and Australian time. Economic calendar →What the chart shows
The price of lending to Washington for ten or thirty years has been rising since the northern summer. The 10-year Treasury yield closed at 4.70% on 3 August and at 5.27% on Tuesday; the 30-year at 5.23% and then 5.64%.
On Wednesday the 30-year reached 5.73%, a level last seen in May 2002. Then a sale of US$39 billion in 10-year notes cleared at 5.300%, with bids worth 2.77 times what was on offer, and both yields closed below the morning's peaks.
Minutes of the Fed's September meeting came out the same afternoon: most officials thought another rise would likely be needed by the end of the year. Sharespective's Thursday edition argues the auction told investors more than the minutes did.
The numbers
Closing yields on 10-year and 30-year US Treasuries, in percent, 3 August to 6 October. On Wednesday the 30-year reached 5.73%; a 10-year sale then drew buyers.
| 10-year Treasury yield, daily close (%) | 30-year Treasury yield, daily close (%) | |
|---|---|---|
| 3 Aug 2026 | 4.70% | 5.23% |
| 4 Aug 2026 | 4.63% | 5.18% |
| 5 Aug 2026 | 4.63% | 5.17% |
| 6 Aug 2026 | 4.69% | 5.22% |
| 7 Aug 2026 | 4.65% | 5.19% |
| 10 Aug 2026 | 4.72% | 5.25% |
| 11 Aug 2026 | 4.70% | 5.24% |
| 12 Aug 2026 | 4.68% | 5.24% |
| 13 Aug 2026 | 4.63% | 5.21% |
| 14 Aug 2026 | 4.68% | 5.25% |
| 17 Aug 2026 | 4.72% | 5.31% |
| 18 Aug 2026 | 4.71% | 5.28% |
| 19 Aug 2026 | 4.65% | 5.19% |
| 20 Aug 2026 | 4.69% | 5.23% |
| 21 Aug 2026 | 4.74% | 5.27% |
| 24 Aug 2026 | 4.70% | 5.23% |
| 25 Aug 2026 | 4.64% | 5.17% |
| 26 Aug 2026 | 4.66% | 5.18% |
| 27 Aug 2026 | 4.67% | 5.19% |
| 28 Aug 2026 | 4.73% | 5.22% |
| 31 Aug 2026 | 4.75% | 5.25% |
| 1 Sep 2026 | 4.79% | 5.27% |
| 2 Sep 2026 | 4.79% | 5.27% |
| 3 Sep 2026 | 4.77% | 5.25% |
| 4 Sep 2026 | 4.78% | 5.24% |
| 8 Sep 2026 | 4.80% | 5.25% |
| 9 Sep 2026 | 4.83% | 5.28% |
| 10 Sep 2026 | 4.95% | 5.37% |
| 11 Sep 2026 | 4.96% | 5.35% |
| 14 Sep 2026 | 4.97% | 5.34% |
| 15 Sep 2026 | 5.00% | 5.36% |
| 16 Sep 2026 | 5.01% | 5.35% |
| 17 Sep 2026 | 4.94% | 5.29% |
| 18 Sep 2026 | 5.01% | 5.34% |
| 21 Sep 2026 | 4.96% | 5.29% |
| 22 Sep 2026 | 4.96% | 5.29% |
| 23 Sep 2026 | 5.11% | 5.40% |
| 24 Sep 2026 | 5.18% | 5.47% |
| 25 Sep 2026 | 5.17% | 5.49% |
| 28 Sep 2026 | 5.24% | 5.56% |
| 29 Sep 2026 | 5.26% | 5.59% |
| 30 Sep 2026 | 5.29% | 5.64% |
| 1 Oct 2026 | 5.24% | 5.61% |
| 2 Oct 2026 | 5.28% | 5.63% |
| 5 Oct 2026 | 5.31% | 5.66% |
| 6 Oct 2026 | 5.27% | 5.64% |
46 rows: scroll the table for the rest.
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