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Stocks moved higher, a sharp reversal from yesterday's market action, after the Federal Reserve announced a rate increase. Peter Boockvar, CIO at One Point BFG Wealth Partners, credits the equity gains to easing in Treasury yields, alongside the pullback in oil futures. The Nasdaq Composite climbed 1.6%.
Here are the market dynamics pushing bond yields to nearly two-decade highs.
The yield on Treasury notes expiring in a decade has officially pushed past 5%. The 10-year yield is trading at 5.011%, its highest level since July 19, 2007, when it was as high as 5.069%, according to Dow Jones Market Data.
The 10-year Treasury yield briefly rose past 5% on Monday, breaching the threshold for the first time since October.
The 10-year Treasury yield rose past 5% on Monday, breaching the threshold for the first time since October.
The 10-year Treasury yield rose toward the 5% level on Monday.
For the past two years, the Treasury has quietly performed its buybacks without much ado. Since May 2024, the Treasury has been taking away older longer-duration bonds from investors. The Treasury also improved the bond market's liquidity, a win-win for both parties.
Investors eyed Treasury yields as oil prices jumped on Thursday
The 10-year Treasury yield is meaningfully higher this morning, taking a cue from the relentless run-up in oil prices and the latest inflation data. The yield on a bond maturing in a decade is at 4.914%, the highest intraday level since October 31, 2023.
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The U.S. Treasury announced it will be buying back $6 billion in long-term debt, but it failed to wow investors who were expecting the number to come in as high as $10 billion. The S&P 500 slid 0.6%, while the Nasdaq Composite fell 0.8%. The rise in Treasury yields continued, with the 10-year yield passing 4.85%, its highest intraday level since 2023.
Stocks were under pressure as oil prices continued their journey upward and traders shifted their expectations of a Fed rate hike in September.
Treasury yields are climbing after a hotter-than-expected jobs report that analysts said increases the chances the Federal Reserve will lift short-term rates at its next meeting. The 2-year yield, which often rises and falls with traders' expectations for short-term rates set by the central bank, was recently trading around 4.
A new proposal from Norges Bank Investment Management envisions shrinking the oil fund's overall portfolio of government debt. Its holdings of Japanese debt stand to rise, however, because of a technical change in how the fund measures the market. Bond holdings are currently based on the size of a country's economy, which kept Japan's allocation lower than its debt footprint while increasing the U.S. share.
Stock futures were rising on Friday as bond yields retreated ahead of the August nonfarm payrolls report, which will help decide the Federal Reserve’s next move on interest rates. Nasdaq 100 futures rose 0.5%. Dow Jones Industrial Average futures slid 47 points, or 0.1%.
Stocks climbed as Wall Street let out a sigh of relief that bond yields ticked lower and the odds of a Federal Reserve rate hike fell. The S&P 500 gained 1%, and the Nasdaq Composite rose 1.4%. The Dow Jones Industrial Average added 1.
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The surge in bond yields has rattled investors, and it's not just a U.S. problem. The 10-year Treasury yield was up to 4.8%, its highest level in more than a year, according to Dow Jones Market Data. The uptick in yields came as the ongoing conflict in Iran reignited and weighed on stock futures ahead of Tuesday's opening bell.
Treasuries have rallied heading into Kevin Warsh's first Jackson Hole speech as Fed chairman. The bond market typically sells off in the lead-up to the Fed's annual economic policy symposium in Jackson Hole, Wyoming. From 2011 to 2025, 10-year Treasury yields rose 5 basis points or 0.05 percentage points, on average, in the week prior to Jackson Hole, according to Vail Hartman, U.S. rates strategist at BMO.
Bonds are selling off as investors are unwilling to chase the rally triggered by the Treasury's expanded buybacks. The Treasury, on Wednesday, said it's raising the maximum size of buybacks for bonds maturing in 10 to 20 years and 20 to 30 years to “at least $4 billion per operation” from $2 billion. Buying back the debt signals that the Treasury wants to reduce supply and in turn push down yields.
Gold (GC=F) December futures opened at $4,580 per troy ounce on Thursday, August 20, 2026, up 0.8% from Wednesday's closing price.
An overnight decline in yields accentuates as the U.S. Treasury says it will at least double the size of buyback operations for longer-dated bonds. The announcement follows a sharp selloff in long-term bonds that increased the government borrowing costs. The new buyback target takes effect September 9 through November 4, the Treasury says.
The stock market was rallying Wednesday morning after the Treasury Department said it would double the size of long-dated debt buyback operations. The Nasdaq Composite was up 0.4%. The Treasury said it will double liquidity support operations for long-dated nominal coupon securities to $4 billion per operation starting Sept. 9 through Nov. 4.
The long bond selloff has taken a pause as Treasury yields trade largely flat, following a surge that took them to multi-year highs. The 30-year Treasury yield was trading at 5.30%, a slight pullback from Monday's settlement value of 5.31%. Falling yields mean bond prices have risen.
Stocks were rallying out of the gate on Wednesday after Wall Street shrugged off the latest inflation report. The Dow Jones Industrial Average rose 101 points, or 0.2%. The S&P 500 was up 0.5%. The Nasdaq Composite gained 0.