Treasury Yields Hit a 19-Year High, and the Trigger Was Good News
One business survey was enough to push the world's most closely watched bond yield up by roughly 14 basis points on Wednesday. The 10-year Treasury reached about 5.1%, its highest level since July 2007, and the explanation traders offered was simple: an October Fed rate hike suddenly looked more likely than not.
The strange part is that the news behind it was good. The precise level varies by data provider. CNN put the 10-year at 5.11% after a 15-basis-point jump, while Reuters data relayed by CNA showed 5.106%, up about 14 basis points and the biggest one-day rise since April 2025. Neither figure changes the story.
How a business survey became a bond sell-off
S&P Global's preliminary September survey of purchasing managers asks executives a plain question: are output, orders ...