US 10-Year Yield Back Away From 24-Year High After Treasury Note Sale
MT newswire2026/10/07 20:2604:26 PM EDT, 10/07/2026 (MT Newswires) -- The 10-year yield eased from a 24-year high Wednesday after the US Treasury Department auctioned $39 billion of notes. The 10-year rate was last up 1.1 basis points at 5.28%, having hit 5.365% earlier in the day, the highest since 2002. Direct bidders were allocated about 17% of the 10-year note auction, while indirect bidders accounted for 80%, data from the Treasury Department showed. The Treasury Department sold $58 billion of three-year notes on Tuesday, with plans to auction $22 billion of 30-year bonds on Thursday. Bonds have recently sold off as rising energy prices have fueled inflation concerns. Bond prices and yields move in opposite directions. "Treasury yields continue to push higher with little end in sight; although some in the administration contend policy adjustments will work to tame longer-term rates or 'bend' the yield curve," Stifel Chief Economist Lindsey Piegza said Wednesday. Most Federal Reserve officials expected another interest rate hike by year-end to curb inflation, though they vowed to base their future policy decisions on fresh data, minutes from the central bank's September meeting showed Wednesday. The Fed lifted its policy rate for the first time in just over three years at that meeting as it sought to bring inflation down to its 2% target. Interest rate traders now price in an 83% probability that the central bank will keep its benchmark rate steady later this month, compared with 62% a week ago and 54% a month earlier, according to the CME FedWatch tool.
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