10-year Treasury yield briefly jumped to a 16-year high

10-year Treasury yield briefly jumped to a 16-year high

Oct. 23:

The 10-year Treasury yield popped above 5.00% this morning for the first time since 2007, but yields have since relaxed a bit. The yield on the 10-year Treasury is watched closely as it’s influential in setting interest rates on mortgages and other loans.

There are several forces tugging at rates, including continued concern that the Federal Reserve may keep rates higher for longer to combat inflation, the war in the Middle East, the prospect of a possible government shutdown after Nov. 17, and earnings releases. 

The Dow traded down this morning.

Economic calendar

Tuesday, Oct. 24

  • S&P Global Flash U.S. Composite PMI

Wednesday, Oct. 25

  • New Home Sales

Thursday, Oct. 26

  • Advance Durable Goods
  • Q3 Gross Domestic Product
  • Weekly Initial Jobless Claims
  • Pending Home Sales

Friday, Oct. 27

  • Personal Consumption Expenditures Price Index
  • Personal Income/Personal Spending

Treasury calendar

Tuesday, Oct. 24

  • $51 billion auction of five-year Treasury notes

Wednesday, Oct. 25

  • $52 billion auction of five-year Treasury notes
  • $26 billion auction of two-year Floating Rate Notes

Thursday, Oct. 26

  • $38 billion auction of seven-year Treasury notes

By Mike Kraft, Executive Director and Commercial Real Estate Treasurer for Commercial Banking
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